Find the future value of the following investment.
Principal |
Nominal Rate |
Frequency of Conversion |
Time |
$5530.00 |
6.9% |
monthly |
5 years |
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=5530*(1+0.069/12)^(12*5)
=5530*1.41059544
=$7800.59(Approx).
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