Mr. Appleton invests $8,800 at 2.8% interest compounded monthly. Find the final amount of his investment after 25 years.
The amount, A, is given by :
A = 8800 ( 1 + .028/12)^(25 * 12) = about $17706.58
Mr. Appleton invests $8,800 at 2.8% interest compounded monthly. Find the final amount of his investment after 25 years
FV=8,800 [1 + .028/12]^25*12
FV=8,800[1.002333333]^300
FV=8,800 x 2.012111
FV=$17,706.58
+128 
