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What is the value of an investment of $650 invested at an annual interest rate of 1.5% compounded monthly for 16 years?

What is the value of an investment of $650 invested at an annual interest rate of 1.5% compounded monthly for 16 years?
asked 8.4k views
13 votes
What is the value of an investment of $650 invested at an annual interest rate of 1.5% compounded monthly for 16 years?

asked
User CrazyPixel
by
7.5k points

1 Answer

0 votes

Answer:

it should be 650

=

1.5

%

=

0.015

16

y

e

a

r

s

=

0.015

Explanation:

answered
User Udara Seneviratne
by
8.6k points
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