Giselle has been advised by her financial planner to invest $32,000 today in a mutual fund. If the mutual fund earns 14 percent interest compounded monthly, to what amount will her investment grow in 16 years? Use a financial calculator to determine the amount. (Round your answer to two decimal places.)

$298, 597.12

Explanation:

The future value of 32,000 compounded monthly at 14 % interest

14% compounded monthly means interest will be earned every month. The monthly rate will be 14% divided by 12.

compounding every month implies  12 times per year. In 16 years, the interest will be compounded  12 x 16 times.

The formula for future value

FV= PV x (1+ r)n

in this case

PV = $32,000

interest rate : 14% /12= 0.0117

period : 12 x 16= 192

FV= $32,000 X (1 + 0.0117) 192

=32,000 x (1.0117) 192

=32,000 X 9.33116

=$298, 597. 12

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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