Answered

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Thomas puts $1100 into a savings account that earns 4.5% interest compounded monthly. How much money will he have in savings in 6 years?


If someone does a non-mathematical answer just for the points, I will report them. Thank you.

Sagot :

Answer:

$1440.23

Step-by-step explanation:

The formula for calculating future value of a sum compounded at specified times =

FV = PV x (1 + r/m)^nm

FV = Future value  

P = Present value  

R = interest rate  

N = number of years

m = number of compounding

$1100 x ( 1 + 0.045 /12) ^12x6 = $1440.23

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