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?

Answer 1

A=P( 1+r/100)^n
A= 420 ( 1+3/100 )^2/12
A= 420 ( 1.03 ) ^ 0.17
A=$422.12

Answer 2

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

Answer 3

424.11

Answer 4

424.11