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
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
