In: Finance
calculate to the nearest cent the future value of an investment of $10000 at the stated interest rate after the stated amount of time 10.4% per year compounded monthly after 9 years.
Ans $ 25395.00
FV = | Future Value |
PV = | Present Value |
r = | rate of interest |
n= | no of period |
FV = | PV (1 + r )^n |
FV = | 10000*(1+ 10.4%/12)^108 |
FV = | 25395.00 |