Thank you for the opportunity to help you with your question!

Interest compounded monthly - added at the end of each month)

time=22 years

Rate=6.91%

n=1/12

Formula=A=P(1+r/n)nt

18383*(1.069)12*22

Base amount: $18,384.00Interest Rate: 6.91%Effective Annual Rate: 7.13%Calculation period: 22 years

I'm still confused with the formula. How would I calculate the future value for this question? Your numbers were wrong at the end and didn't get the same numbers when i calculated it.

Let me repeat usig a simple formula

may be there was a slight change by using a long way

Annual Compound Interest Formula:

A = P(1+r/n)^nt

Principal=18,384

T=22 years

n=12

18384(1+0.069/12)^12*22

18384(1.0075)^264

18384*4.553

using 3 decimal places

use effective rate of 4.553 per year

I am sorry for the previous effective rate but the table above is very correct

you don't have to add 1 for the rate in the formula since it is 6.91%?

Effective Annual Rate = (1+(r/n))^{n} − 1

U MUST add because it helps us to find the annual effective rate

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