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Find the total amount of an investment of $413.99 compounded at 4.25% for 8.5 years

User Tim Bee
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Answer:

Present Value = $413.99

Interest rate = 4.25%

Years = 8.5 years

Future value = P(1+I)^n

Future value = $413.99*(1+0.425)^8.5

Future value = $413.99*(1.0425)^8.5

Future value = $413.99*1.4244478

Future value = $589.707144722

Future value = $589.71

The total amount to be earned as a result of the investment for 8.5 years is $589.71.

User Sleiman Jneidi
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