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6.4 Exercise 5

Avg difficulty 2.5

In the following, compute the future value of the investment with the given conditions.

  1. Principal is $5,000, annual interest rate is 3.8%, compounded monthly, for 5 years.
  2. Principal is $18,500, annual interest rate is 6.25%, compounded quarterly, for 17 years.

OpenStax Contemporary Mathematics, 6.4 Compound Interest, exercise 5

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.