A family invests $4000 in an account paying 6% compounded monthly. How much is in the account after 5 years?
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Originally Posted by chika A family invests $4000 in an account paying 6% compounded monthly. How much is in the account after 5 years? F = A(1 + i)^n F = Future value (?) A = Amount invested (4000) n = number of months (60) i = interest factor (.06 / 12) Were you given that problem without being given the formula?
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