Suppose $3500 is invested in an account with an APR of 11% compounded monthly. Find the future value of the account in 3 years.
Math - Henry, Sunday, July 15, 2012 at 9:26pm
P = Po(1+r)^n.
Po = $3500.
r = (11% / 12) / 100% = 0.0091667 =
Monthly % rate expressed as a decimal.
n = 12Comp,/yr * 3yrs = 36 Compounding
Plug the above values into the given Eq