You put $10,000 investment that returns11% compounded monthly what would you have after 10 yrs?

Question

how would i put this on a financial calculator
PV, I/Y, N and what not? I keep getting incorrect answer
its showing 28,394.21 when the answer should be 29,892

Answer

To start your balance is P. After the first month your balance is P x 1.11. After the second month your balance is P x 1.11 x 1.11. After the Nth month your balance is P x (1.11)^N. You are talking about N=120.

!0,000 x (1.11)^120 = 2.74646 billion

You put $10,000 investment that returns11% compounded monthly what would you have after 10 yrs?

Answers (1)