Calculate the future value. (Round your answer to two decimal places.) P = $28,000, r = 8% compounded monthly, t = 8 years

Name: Solved: Calculate the future value. (Round your answer to two decimal places.) P = $28,000, r = 8% compounded monthly, t = 8 years - MathMaster
Brand: MathMaster
Rating: 4.9 (269 reviews)

269

likes

1343 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

$Expert avatar$

Cristian

4.7

116 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 0.125 as a percent?

What is the period of the function f(x) = 2sin(3x) - cos(2x)?

Question: Convert 4.2 x 10^6 to standard notation.

New questions in Mathematics

𝑦 = ( 𝑥2 − 3) (𝑥3 + 2 𝑥 + 1)

5(4x+3)=75

A hotel in the Algarve had to offer 1 week of vacation to one of its employees as an Easter gift in a random choice. It is known that 80 people work in this hotel, 41 of whom are Portuguese and 39 are foreign nationals. There are 14 Portuguese men and 23 foreign women. Using what you know about conditional probability, check the probability that the gift was offered to a Portuguese citizen, knowing that it was a woman.

Imagine that you are in an electronics store and you want to calculate the final price of a product after applying a discount. The product you are interested in has an original price of $1000 MN, but, for today, the store offers a 25% discount on all its products. Develop an algorithm that allows you to calculate the final price you will pay, but first point out the elements.

The director of a company must transfer 6 people from the human resources department to the sales department, in order to sustain sales during the month of December. What is the probability that he will transfer only 2 of them?

9b^2-6b-5

A construction company is working on two projects: house construction and building construction. Each house requires 4 weeks of work and produces a profit of $50,000. Each building requires 8 weeks of work and produces a profit of $100,000. The company has a total of 24 work weeks available. Furthermore, it is known that at least 2 houses and at least 1 building must be built to meet the demand. The company wants to maximize its profits and needs to determine how many houses and buildings it should build to meet demand and maximize profits, given time and demand constraints.