Compare investing $1500 at 9% compounded monthly for 11 years with investing $1500 at 14% compounded monthly for 11 years.
1 answer:
Answer:
Final amount after 11 years = $4021.97
Step-by-step explanation:
We will use the formula to get the final amount after t years,
Final amount =
here a = Initial amount
r = Rate of interest
n = Number of compounding in a year
For Initial amount 'a' = $1500
r = 9%
t = 11 years
n = 12 [Compounded monthly]
F =
= $4021.97
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