hellen90 hellen90

15-03-2022
Mathematics

contestada

What is the future value of an account if $3,000 is invested at a rate of 8% compounded monthly
for 18 years? Round your answer to 2 decimal places.

Respuesta :

samuellai03 samuellai03

15-03-2022

Answer:

≈$12601.72

Step-by-step explanation:

Use the compounded interest formula:

[tex]A = P(1+\frac{r}{n})^{nt}[/tex]

In our case,

P = 3000

r = 8% = 0.08

n = 12 (months per year)

t = 18 (years in total)

Therefore, A ≈ $12601.72 (2.d.p.)

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