you should have not rounded the 7/12.
Put this into the google search window:
2,000(1 + .07/12)^(120)
interest 7%; investment $2000, compounded monthly - how much after 10 years. I am very close on this one but must be missing an important step:
A(t) = 2,000(1 + .07/12)^(10)(12)
A(10) = 2,000(1.0058)^120
A(10) = 2,000(2.0017 = 4003.4
However the answer is actual $4220.29
What have I done wrong??
1 answer
1 answer