Question

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

Answer 1

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!