Use the TVM Calculator to solve the following compound interest problem. Round your result to two decimal places as needed. You invest $ 15 , 000 in an account. The interest is compounded monthly at an annual rate of 10.6 % . The ending account balance will be $ 81 , 174.68 . How many months was the investment accruing interest? Enter the values you need to put in the TVM calculator. Put the letter x for the unknown value. Remember that money paid to the bank is negative and money received from the bank is positive. PV= Present Value N= Number of Compounding Periods PMT= Payment I%= Annual Interest Rate as a Percent FV= Future Value P/Y and C/Y= Payments per Year and/or Compoundings per Year Use the link to the TVM Calculator below to solve the problem. The investment was accruing interest for months.
Use the TVM Calculator to solve the following
You invest
$
15
,
000
in an account. The interest is compounded monthly at an annual rate of
10.6
%
. The ending account balance will be
$
81
,
174.68
. How many months was the investment accruing interest?
Enter the values you need to put in the TVM calculator. Put the letter
x
for the unknown value. Remember that money paid to the bank is negative and money received from the bank is positive.
PV=
Present Value
N=
Number of Compounding Periods
PMT=
Payment I%=
Annual Interest Rate as a Percent
FV=
Future Value
P/Y and C/Y=
Payments per Year and/or
Compoundings per Year
Use the link to the TVM Calculator below to solve the problem.
The investment was accruing interest for
months.
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