Question
Calculate the future value. (Round your answer to two decimal places.) P = $28,000, r = 8% compounded monthly, t = 8 years
269
likes1343 views
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
4.7115 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
Frequently asked questions (FAQs)
What is 2/5 as a decimal and percentage?
+
Math question: Convert the number 0.0000073 into scientific notation. (
+
What is the equation of the hyperbola with a transverse axis along the y-axis, center at (0,0), vertices at (0,±5), and asymptotes y = ±(2/5)x?
+
New questions in Mathematics