danx4god723pcxrqw danx4god723pcxrqw
  • 04-08-2018
  • Mathematics
contestada

Given an investment of $2300, after 7 months, earning 6.6% APR, compounded monthly, the future value is given by

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rejkjavik rejkjavik
  • 04-08-2018

we are given

investment amount is 2300

so,

[tex] P=2300 [/tex]

[tex] r=6.6% [/tex]

[tex] r=0.066 [/tex]

it is compounded monthly

so,

n=12

now, we can use formula

[tex] FV=P(1+\frac{r}{n})^{nt} [/tex]

now, we can plug values

t=7/12

and we get

[tex] FV=2300(1+\frac{0.066}{12})^{7} [/tex]

now, we can find FV

[tex] FV= $2390.02454 [/tex]............Answer

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