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mixer [17]
3 years ago
7

Yes invests $1500 that compounds interest monthly with a 4.5% rate. How much money will he have after the 12 years?

Mathematics
1 answer:
Soloha48 [4]3 years ago
3 0

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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