calculate the total amount when $49000 is invested at 12% p.a. for 5 years if the interest is compounded monthly.

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Guest May 26, 2015

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Best Answer

$\\n=5*12=60\;months\\ r=0.12/12 = 0.01\; per \;month\\\\ FV=49000(1+0.01)^{60}$

and you can finish it :)

Melody May 26, 2015

Melody · Answer 1 · 2015-05-26T09:12:58

$\\n=5*12=60\;months\\ r=0.12/12 = 0.01\; per \;month\\\\ FV=49000(1+0.01)^{60}$

and you can finish it :)