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If I invest $3,500 at a rate of 10.5% compounded monthly, how much will I have after 10 years? Show your work
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If I invest $3,500 at a rate of 10.5% compounded monthly, how much will I have after 10 years? Show your work

User Vernel
by
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1 Answer

1 vote
The formula is
A=p (1+r/k)^kt
A future value?
P present value 3500
R interest rate 0.105
K compounded monthly 12
T time 10 years
A=3,500×(1+0.105÷12)^(12×10)
A=9,956.20

Hope it helps!
User Mark Gerolimatos
by
7.7k points
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