find the future value of $5000 for 10 years at 8% per year compounded monthly?
We use the formula:
A=P(1+r/12)^12n
Where
A=future value
P=present value
R=rate of interest
N=time period
A=5000(1+0.08/12)^(12*10)
=$5000*2.219640235
=$11098.20(approx).
find the future value of $5000 for 10 years at 8% per year compounded monthly?
find the future value of $5000 invested for 10 years at 8% per year compounded monthly? a. $11,098.20 b. $10,800.00 c. $10,794.62 d. $11,095.15
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