Question

Find the value if $8900 is invested for 5 years at 3.73% compounded monthly.

Answer 1

$10,721.62 (Not rounded to the correct decimal)

Explanation:

A = P(1+r/n)^nt

P = $8,900

r = 3.73% / 100 = 0.0373

n = 12 (monthly)

t = 5 years

A = 8,900(1+0.0373/12)^(12)(5)

A = 10,721.62