+128 Karen invests $1,500 at 3.8% annual interest compounded monthly. Find the final amount of karens investment after 12 years.
Karen invests $1,500 at 3.8% annual interest compounded monthly. Find the final amount of karens investment after 12 years.
Karen's investment of $1,500 should be worth=$2,364.92 @3.8% comp. monthly after 12 years.
FV=1,500[1 + .038/12]^12*12. This is the formula that gives you the answer.See if you can get the same answer that I did.
