Question
Aleander invested $16400 over 6 years at 7.4 % p.a invest compounded monthly. calculate value of investment after 4 years ?
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Answer to a math question Aleander invested $16400 over 6 years at 7.4 % p.a invest compounded monthly. calculate value of investment after 4 years ?
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To calculate the value of the investment after 4 years with monthly compounding interest, you can use the formula for compound interest:
A=P *(1+(r/n))^nt
Where:
A is the amount of money accumulated after
t years, including interest.
P is the principal amount (the initial investment).
r is the annual interest rate (in decimal).
n is the number of times interest is compounded per year.
t is the time the money is invested for, in years.
A=1680 *(1+0.074/12)^(12*4)
A=22360.95
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