Math

Suppose $3500 is invested in an account with an APR of 11% compounded monthly. Find the future value of the account in 3 years.

asked by Meredith
  1. 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.

    posted by Henry

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