Asked by Paige

The present value of the money in your savings account is $420, and you're receiving 3% annual interest compounded monthly. What is the future value in two months?
Answered by arnab
A=P( 1+r/100)^n
A= 420 ( 1+3/100 )^2/12
A= 420 ( 1.03 ) ^ 0.17
A=$422.12
Answered by Ahlam

5. The present value of the money in your savings account is $420, and you're receiving 3% annual interest compounded monthly. What is the future value in two months?

A. $424.11
B. $426
C. $422.10
D. $432.60

Answered by susan
424.11
Answered by Wiley
424.11
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