Question

step 4
evaluate the formula for the future value of the investment. (round your answer to the nearest cent.)
$fv = 8,200(1.04)^{12}$
=
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Explanation:

Step1: Calculate $(1.04)^{12}$

$(1.04)^{12} \approx 1.60103221869$

Step2: Multiply by 8200

$FV = 8200 \times 1.60103221869$

Step3: Round to nearest cent

$FV \approx 13128.4641933$

Answer:

13128.46