Find the value of $825 invested at 5% with interest compounded twelve times a year for 9 years

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11-07-2017
Mathematics

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Find the value of $825 invested at 5% with interest compounded twelve times a year for 9 years

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mathmate mathmate · Answer 1 · 2017-07-11T02:20:40+02:00

mathmate mathmate

11-07-2017

We assume it is future value we're looking for. Present value is $825.

Future value, F, can be calculated using the compound interest formula.
P=present value = $825
i=interest rate per month = 0.05/12
n=number of months = 12*9 = 108
F=value after 9 years=P(1+i)^n=825(1+0.05/12)^108=1292.65 (nearest cent)

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