Question

Find the future value of $3633.49 invested for 2 years at 4% compounded monthly?

Answer 1

the rate is r = 4 %

principle is p = 3633.49 $

time = 2 year

so the Amount is,

`A=P(1+(R)/(100))^T`
`\begin{gathered} A=3633.49*(1+(4)/(100))^2 \\ A=3633.49*((104)/(100))^2 \end{gathered}`
`\begin{gathered} A=3633.49*(104)/(100)*(104)/(100) \\ A=3929.98\text{ \$} \end{gathered}`

so the Amount after 2 yrs is 3929.98 $