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Find the total future amount for $500 invested at 3.35% for 4 years compounded monthly.
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3 votes
Find the total future amount for $500 invested at 3.35% for 4 years compounded monthly.

User Sujey
by
8.1k points

1 Answer

7 votes

Answer:

$ 746.16

Explanation:

MONTHLY interest = .0335/4

4 years = 48 months

500 ( 1 + .0335/4)^48 = 746.16

User Juacala
by
7.7k points
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