Homework Help: Math

Posted by Meredith on Saturday, July 14, 2012 at 12:25am.

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
periods.

Plug the above values into the given Eq
Answer: $4861.08.

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