{"id":37189,"date":"2024-06-15T08:08:29","date_gmt":"2024-06-15T08:08:29","guid":{"rendered":"https:\/\/www.greatassignmenthelp.com\/questions\/?p=37189"},"modified":"2024-06-15T08:08:29","modified_gmt":"2024-06-15T08:08:29","slug":"calculate-the-future-value-of-15000-invested-for-5-years-at-an-interest-rate-of-7-compounded-monthly","status":"publish","type":"post","link":"https:\/\/www.greatassignmenthelp.com\/questions\/calculate-the-future-value-of-15000-invested-for-5-years-at-an-interest-rate-of-7-compounded-monthly\/","title":{"rendered":"Calculate the future value of $15,000 invested for 5 years at an interest rate of 7% compounded monthly."},"content":{"rendered":"<p data-pm-slice=\"1 1 []\"><strong>Question:-<\/strong> Calculate the future value of $15,000 invested for 5 years at an interest rate of 7% compounded monthly.<\/p>\n<p><span lang=\"en-US\"><strong>Answer:<\/strong> Here, we will utilize the compound interest formula:<\/span><\/p>\n<p><span lang=\"en-US\">FV = P * (1 + r\/n)^(n*t)<\/span><\/p>\n<p><span lang=\"en-US\">Where:<\/span><\/p>\n<p><span lang=\"en-US\">FV = Future Value<\/span><\/p>\n<p><span lang=\"en-US\">P = Present Value (initial investment)<\/span><\/p>\n<p><span lang=\"en-US\">r = annual interest rate (in decimal form)<\/span><\/p>\n<p><span lang=\"en-US\">n = number of compounding periods per year<\/span><\/p>\n<p><span lang=\"en-US\">t = number of years<\/span><\/p>\n<p><span lang=\"en-US\">Given:<\/span><\/p>\n<p><span lang=\"en-US\">P = $15,000<\/span><\/p>\n<p><span lang=\"en-US\">r = 7% = 0.07<\/span><\/p>\n<p><span lang=\"en-US\">n = 12 (for monthly compounding)<\/span><\/p>\n<p><span lang=\"en-US\">t = 5 years<\/span><\/p>\n<p><span lang=\"en-US\">Substituting the values in the formula:<\/span><\/p>\n<p><span lang=\"en-US\">FV = $15,000 * (1 + 0.07\/12)^(12*5)<\/span><\/p>\n<p><span lang=\"en-US\">FV = $15,000 * (1.005833)^60<\/span><\/p>\n<p><span lang=\"en-US\">FV = $15,000 * 1.4180<\/span><\/p>\n<p><span lang=\"en-US\">FV = $21,270<\/span><\/p>\n<p><span lang=\"en-US\">Hence the value of $15000 invested for a period of five years at an interest rate of 7 % compounded monthly is $21270.<\/span><a name=\"_GoBack\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Question:- Calculate the future value of $15,000 invested for 5 years at an interest rate of 7% compounded monthly. Answer: Here, we will utilize the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Calculate the future value of $15,000 invested for 5 years at an interest rate of 7% compounded monthly.<\/title>\n<meta name=\"description\" content=\"Calculate the future value of $15,000 invested for 5 years at an interest rate of 7% compounded monthly.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.greatassignmenthelp.com\/questions\/calculate-the-future-value-of-15000-invested-for-5-years-at-an-interest-rate-of-7-compounded-monthly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Calculate the future value of $15,000 invested for 5 years at an interest rate of 7% compounded monthly.\" \/>\n<meta property=\"og:description\" content=\"Calculate the future value of $15,000 invested for 5 years at an interest rate of 7% compounded monthly.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.greatassignmenthelp.com\/questions\/calculate-the-future-value-of-15000-invested-for-5-years-at-an-interest-rate-of-7-compounded-monthly\/\" \/>\n<meta property=\"og:site_name\" content=\"Questions - 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