Answer:
Future Value = $1,192,287.56
Explanation:
The future value is the expected total sum that an investment is suppose to accumulate together with interest over a period of time at a particular interest rate.
Where compounding is done done monthly, he future value is determined as follows:
FV = PV ×( (1+r)^n -1 )/ r
FV - Future Value , PV - present value r- monthly rate of interest , n- number of months
FV - ?
r- 8%/12 = 0.66%
n - 30× 12 =
PV - 800
FV = 800 × ( (1.00666)^(360) - 1 )/ 00666
= 800 × 1490.359449
= $1,192,287.56
