Josecarreon Josecarreon
  • 25-03-2021
  • Mathematics
contestada

An investment earns 3% compounded monthly. Find the value of an initial investment of
$5,000 after 6 years.

Respuesta :

daquancoston500 daquancoston500
  • 25-03-2021

Answer:

5,000

Step-by-step explanation:

Answer Link
abiolataiwo2015
abiolataiwo2015 abiolataiwo2015
  • 01-10-2021

The value of an initial investment of

$5,000 after 6 years is $5,984.74

Using this formula

A=P(1+rm)^mt

Where:

A=Future amount

r=Rate

m=month

t=Time

Let plug in the formula

A = 5,000(1 + 0.03/12)^12×6

A = 5,000(1 + 0.0025)^72

A=5,000(1.0025)^72

A=5,000(1.19694)

A = $5,984.74

Inconclusion The value of an initial investment of

$5,000 after 6 years is $5,984.74.

Learn more here:

https://brainly.com/question/23913597

Answer Link

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