question archive If you put $10,000 in an investment that returns 11 percent compounded monthly what would you have after 10 years (round to the nearest $1)? A
If you put $10,000 in an investment that returns 11 percent compounded monthly what would you have after 10 years (round to the nearest $1)? A
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If you put $10,000 in an investment that returns 11 percent compounded monthly what would you have after 10 years (round to the nearest $1)?
A. $27,559
B. $25,486
C. $29,892
D. $22,489
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Answer:
C. $29,892
Working:
FV = PV (1 + r /m) mt
FV = 10,000 (1 + 0.11 / 12) 12 x 10
FV = $29,892
