An investment of $1000 is growing at 5% per year. Find the value (Compounded monthly)

Algebra
Tutor: None Selected Time limit: 1 Day

(continuing question): of the investment at the end of Year 1, Year 2, Year 5, Year 15, and then Year 30  

May 12th, 2015

Formula = A = P (1 + r)^n


At 1 year = 1000(1+0.004167)^12 = 1,051.166

At 2 year = 1000(1+0.004167)^24 =1,104.95

At 5 year = 1000(1+0.004167)^60 = 1,283.384

At 15 year = 1000(1+0.004167)^180 = 2,113.83

At 30 year = 1000(1+0.004167)^360 = 4,468.278


May 12th, 2015

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May 12th, 2015
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