Doris put in $4000 in a 2-year CD paying 6% interest and being compounded monthly. What will her balance be after 2 years
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Ответ:
$4508.64
Explanation:
The formula for calculating future value:
FV = P (1 + r/m)^mn
FV = Future value
P = Present value
R = interest rate
N = number of years
m = number of compounding = 12
$4000 x (1 + 0.06 /12)^(2 x 12)
$4000 x 1.005^24
= $4,508.64
4508.64
Ответ: