Find the future value in two years of $100 that is deposited in an account, which pays 12%, compounded monthly.
$118.80
$112.70
$125.40
$126.97
$160.00
Amount = P(1 + r/n)nt
Here,
n = No. of times interest compounded
Amount = 100 (1 + 0.12/12)12*2
= 100 (1.01)24
Amount = $126.97
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