Find the final amount when £23000 is invested at 1.3% compound interest per month for 3 years.
Find the final amount when £23000 is invested at 1.3% compound interest per month for 3 years.
FV = PV [ 1 + R]^N
FV =23,000[1 + 0.013/12]^3*12
FV =23,000 x 1.0397485
FV = 23,914.22 Pounds
P.S. I took 1.3% to mean annual rate compounded monthly. If you meant 1.3% to be a monthly rate for an annual rate of 15.6%, then your final total will be =36,615.74 pounds.
