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jeyben [28]
2 years ago
7

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?
Mathematics
1 answer:
SOVA2 [1]2 years ago
7 0

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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