Question
Calculate the future value. (Round your answer to two decimal places.) P = $28,000, r = 8% compounded monthly, t = 8 years
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Answer to a math question Calculate the future value. (Round your answer to two decimal places.) P = $28,000, r = 8% compounded monthly, t = 8 years
Cristian
4.7118 Answers
Given:
P = $28,000
r = 8% compounded monthly
t = 8 years
F\:=\:P(1\:+\frac{r}{m})^{mt}
F\:=\:28000\left(1+\frac{0.08}{12}\right)^{12\left(8\right)}
F = $52,988.80
Answer:
The future value is $52,988.80
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