A $$$5170 investment earns interest at $$2.2% p.a. compounded monthly over $$18 years. What is the future value ($$A) of the investment to the nearest cent?
Question
Solution 1
To calculate the future value of an investment with monthly compounding interest, you can use the formula:
A = P (1 + r/n)^(nt)
where:
- A is the amount of money accumulated after n years, including interest.
- P is the principal amount (the initial amount of money).
- r is the annual interest rat Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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