+0  
 
0
680
1
avatar

Use the appropriate compound interest formula to compute the balance in the account after the stated period of time ​$9 comma 0009,000 is invested for 1414 years with an APR of 66​% and monthly compounding. The balance in the account after 1414 years is ​$nothing. ​(Round to the nearest cent as​ needed.)

 Apr 6, 2017
 #1
avatar
0

FV = PV [1 + R]^N

FV = 9,000 [1 + 0.06/12]^(14*12)

FV = 9,000 [1.005]^168

FV = 9,000 x 2.31152383......

FV =$20,803.71 - Balance in the account after 14 years.

 Apr 6, 2017

0 Online Users