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

Golamrabbi Azad asked Sep 4, 2023

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Golamrabbi Azad asked Sep 4, 2023

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8 votes

Answer:

$ 746.16

Explanation:

MONTHLY interest = .0335/4

4 years = 48 months

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

Peadar answered Sep 11, 2023

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