nelsonr684 nelsonr684

08-07-2017
Mathematics

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How much would $500 invested at 5% interest compunded monthly be worth after 4 years? Round amswer to nearest cent

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Aliwohaish12 Aliwohaish12

08-07-2017

The formula is
A=p (1+r/k)^kn
A future value?
P present value 500
R interest rate 0.05
N time 4 years
K compounded monthly 12

A=500×(1+0.05÷12)^(12×4)
A=610.45

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