Post a New Question

Math

posted by .

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 -

    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.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Compound math

    (Future Value) Suppose you invest $8000 into an account that pays an annual interest rate of 6.2%. How much is in the account after 30 years if a. simple interest is compound monthly?
  2. math

    Suppose $15000 is invested in an account for 6 years. Find the balance in the account if interest is compounded continuously at 6%.
  3. Math

    suppose that $5000 is invested in an account with APR of 12% compounded monthly. find the future value of the account in 5 years.
  4. Algebra

    Show how you substitute the values into the formula, then use your calculator. *Use A = P(1+r/n)nt to find the amount of money in an account after t years, compounded n times per year. *Use I = Prt to find the amount of simple interest …
  5. Math 111

    Suppose that $5000 is invested in an account with an account with an APR of 12% compounded monthly. Find the future value of the account in 5 years.
  6. Algebra ASAP

    Suppose that $17,000 is invested in a savings account paying 5.1% interest per year. (a) Write the formula for the amount A in the account after t years if interest is compounded monthly. A(t) = (b) Find the amount in the account after …
  7. MATH

    Ben Garrison invested $15,000 at 5% compounded daily in a credit union account that matures in 1 year. He also invested 20000 at 5.25% compounded monthly in a Silver Screen account that matures in 4 years. (a) What is the interest …
  8. MATH HELP

    Ben Garrison invested $15,000 at 5% compounded daily in a credit union account that matures in 1 year. He also invested 20000 at 5.25% compounded monthly in a Silver Screen account that matures in 4 years. (a) What is the interest …
  9. math

    An account offers an APR of 6% compounded monthly. How much must you deposit today into this account in order to have $10,000 in five years.
  10. finance

    Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution change over time. $470 per month invested at 5%, compounded monthly, for 7 years; then $709 per month …

More Similar Questions

Post a New Question