Yes invests $1500 that compounds interest monthly with a 4.5% rate. How much money will he have after the 12 years?
1 answer:
Answer:
FV= $2,571.41
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $1,500
Interest rate (i)= 0.045/12= 0.00375
Number of periods (n)= 12*12= 144 months
<u>To calculate the future value, we need to use the following formula:</u>
FV= PV*(1 + i)^n
FV= 1,500*(1.00375^144)
FV= $2,571.41
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