Compounding monthly means that there are twelve interest payments per year So , n 1 2 ( 5 ) 6 0 and i 0 0 8 1 2 0 0 0 6 6 6 6 FV PV ( 1 i ) nFV 1 , 0 0 0 1 0 0 8 1 2 6 0 FV 1 , 0 0 0 ( 1 4 8 9 8 4 5 7 0 8 6 ) FV 1 4 8 9 8 4 5 7 0 8 6 Therefore, rounded to the nearest cent, Calculate the final answer

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Compounding monthly means that there are twelve interest payments per year. So , n = 1 2 ( 5 ) = 6 0 and i

Compounding monthly means that there are twelve interest payments per year. So

,

= 12 (5) = 60

and i

= 0.08 / 12 = 0.006666

=

(1 +

)

nFV

= 1, 0001 + 0.081260

= 1, 000 (1.4898457086)

= 1489.8457086

Therefore, rounded to the nearest cent, Calculate the final answer

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