Asked by Bruce
12 years at 5% compounded annually what is the future value of $557?
Answers
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MathMate
FV=PV*(1+i)^n
i=interest per period (year) expressed in fraction, =0.05 in this case.
n=number of periods (year), = 12 in this case
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i=interest per period (year) expressed in fraction, =0.05 in this case.
n=number of periods (year), = 12 in this case
Your calculator can now be put to good use.
Post for an answer check if necessary.