Question

Hellen invested 20,000 that earns 4.68% compounded monthly for four years00 earn 4.68% compounded monthly for 4 years future value

Answer 1

24,108.59

Explanation:

The future value formula seems applicable.

FV = P(1 +r/n)^(nt)

FV = 20,000(1 +0.0468/12)^(12·4) = 20,000(1.0039^48)

FV ≈ 24,108.59