Emily invested $15,000 10 years ago at 8% compounded monthly. How much has she accumulated?

Question

Question

Answer 1

Answer #1

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=15000*(1+0.08/12)^(12*10)

=15000*2.21964023

=$33294.60(Approx).

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Answer 2

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