invest $8000.00 with a company for 5 years who offers an annual interest rate 4.7% compounded...
invest $8000.00 with a company for 5 years who offers an annual interest rate 4.7% compounded monthly, but no withdrawals allowed. At the end of 5-year, how much will you have? Please go step-by-step.
Homework Answers
| FV= PV*(1+r)^n | |
| Where, | |
| FV= Future Value | |
| PV = Present Value | |
| r = Interest rate | |
| n= Number of years | |
| = $8000*( 1+0.047)^5 | |
| =8000*1.25815 | |
| = $10065.22 | |
| Please upvote. | |
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