What's the future value of $1,300 after 5 years if the appropriate interest rate is 8%,...

Question

Question

Whats the future value of $1,300 after 5 years if the appropriate interest rate is 8%, compounded monthly? Select one: O a.

business finance

Answer 1

Answer #1

FV = PV(1 + r)^t

FV = $1,300[1 + (0.08/12)]^{(5 × 12)}

FV = $1,300(1 + 0.006667)⁶⁰

FV = $1,936.80

Answer 2

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