To what amount will the following investment accumulate? $24,575, invested today for 19 years at 14.19...
To what amount will the following investment accumulate? $24,575, invested today for 19 years at 14.19 percent, compounded monthly. Round the answer to two decimal places.
Homework Answers
| Investment | 24,575.00 | ||
| Interest rate | 14.19% | ||
| Compounding interval | monthly | ||
| time in years | 19 | ||
| Amount= | 24575 *(1+ 14.19%/12)^(19*12) | ||
| Amount= | 358,530.43 | ||
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