You invest $18000 that earns 7% compounded monthly. What's the future value of the investment if you hold the investment for 12 years and how much interest did you earn? Round your answers to two decimal places.
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07 n = Number of times interest is compounded per year = 12 (monthly compounding) t = Number of years the money is invested for = 12 years Plugging in the values: FV = $18000(1 + 0.07/12)^(12*12) FV = $18000(1 + 0.005833)^144 FV = $18000(1.005833)^144 FV = $18000 Show more…
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