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Melanie invests $9200 in new a savings account which earns 4.3% annual interest, compound monthly.?
Melanie invests $9200 in new a savings account which earns 4.3% annual interest, compound monthly. What will be the value of her investment after 6 years. Round to the nearest cent. HELP college algebra is kickin gmy butt lol :))
1 Answer
- Don GLv 78 years ago
You want the Future Value of her $9,200 investment. Since interest is compounded monthly, divide the 4.3% APR by 12, and use .35833% per month for 72 months.
The formula for the FV of $1 is (1 + r)^n, or (1.0035833)^72 = 1.29374 x 9,200 = $11,902
