Suppose that $575.75 is invested in a savings account with an APR of 12% compounded monthly. What is the future value of the acc
ount in 5 years?
1 answer:
Answer:
FV= $1,045.96
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $575.75
Number of periods (n)= 15*5= 60 months
Interest rate (i)= 0.12 / 12= 0.01
<u>To calculate the future value (FV), we need to use the following formula:</u>
FV= PV*(1+i)^n
FV= 575.75*(1.01^60)
FV= $1,045.96
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