TarajH221104 TarajH221104
  • 28-10-2022
  • Mathematics
contestada

Find the future value of $3633.49 invested for 2 years at 4% compounded monthly?

Respuesta :

IziahI45713 IziahI45713
  • 28-10-2022

the rate is r = 4 %

principle is p = 3633.49 $

time = 2 year

so the Amount is,

[tex]A=P(1+\frac{R}{100})^T[/tex][tex]\begin{gathered} A=3633.49\times(1+\frac{4}{100})^2 \\ A=3633.49\times(\frac{104}{100})^2 \end{gathered}[/tex][tex]\begin{gathered} A=3633.49\times\frac{104}{100}\times\frac{104}{100} \\ A=3929.98\text{ \$} \end{gathered}[/tex]

so the Amount after 2 yrs is 3929.98 $

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