What will a deposit of $4,500 at 12% compounded monthly be worth at the end of 10 years?
1 Answer
Jan 23, 2017
13976.32
Explanation:
Formula for Compund Interest
Where
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for
So,