To what amount will the following investment accumulate?
$462, invested today for 21 years at 16.44 percent, compounded
monthly.
Future value = present value * (1+r)^n
Present value = $462
r = interest rate per period = 16.44%/12
n = number of periods = 21 years = 21*12 = 252 Months
=>
future value = 462 * (1+16.44%/12)^252
= $14,250.25
To what amount will the following investment accumulate? $462, invested today for 21 years at 16.44...
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