Dave has $8000 to invest for 15 years. He finds a bank that offers an interest rate of 3.1% compounded monthly. How much money will he have after 15 years?

Dave will have $12,728 after 15 years, if he has $8000 to invest for 15 years. He finds a bank that offers an interest rate of 3.1% compounded monthly.

Step-by-step explanation:

The given is,

                 Investment = $ 8000

               No. of years = 15 years

             Interest rate, i = 3.1 %

                 ( compounded monthly )  

Step:1

          For for calculating future value with compound interest monthly,

                                     .................(1)

         Where,

                     A = Future amount

                     P = Initial investment

                     r = Rate of interest

                    n = Number of compounding in a year

                     t = Time period

Step:2

           From given values,

                           P = $8000

                            r =  3.1%

                            t = 15 years

                            n = 12 ( for monthly)

           Equation (1) becomes,

                           A = $ 12728.48

Result:

           Dave will have $12,728 after 15 years, if he has $8000 to invest for 15 years. He finds a bank that offers an interest rate of 3.1% compounded monthly.

the median here is 25. your lowest value is 14 and highest value is 48. to find the third quartile, find the medium number in between 25 and 48 which would be 42 i believe.

what is the answer?