Question 24 2 pts What is the future value at the end of 18 years of $1,998 invested at an annual interest rate of 7.7% compounded monthly? Answers should be in dollars and correct to $0.01. Give numerical answer only without dollar sign.
Added by Erin W.
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Since the interest is compounded monthly, there are 12 compounding periods in a year. Therefore, the total number of compounding periods in 18 years is 18 * 12 = 216. Show more…
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