If $1000 is invested at 7% compounded monthly, then the future value of the investment after x years is given by the function y = 1000(1+0.07/12)^12x,x≥0 Calculate: Future value of investment after 15 years =    Future value of investment after 14 years =   Future value of investment after 20 months =

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
icon
Related questions
Question

If $1000 is invested at 7% compounded monthly, then the future value of the investment after x years is given by the function

y = 1000(1+0.07/12)^12x,x≥0

Calculate:

Future value of investment after 15 years =   

Future value of investment after 14 years =  

Future value of investment after 20 months =  

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Transcendental Expression
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax