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4) Calculate the future value of $6,000 in 15 years if it is invested in an account with an annual percentage rate (APR) of 8% compounded monthly

Guest May 3, 2017
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4) Calculate the future value of $6,000 in 15 years if it is invested in an account with an annual percentage rate (APR) of 8% compounded monthly.

 

FV = PV [1 + R]^N

FV = 6,000[1 + 0.08/12]^(15*12)

FV = 6,000 x [1.00666667]^180

FV = 6,000 x        3.3069215......

FV = $19,841.53

Guest May 3, 2017

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