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

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Cristian

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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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