Sittipon invested $1700 in an account, 7 years ago at the rate of 18% compounded monthly.

how much is his investment worth now?

To calculate the future value of Sittipon's investment, we can use the formula for compound interest:

\[
A = P \left(1 + \frac{r}{n}\right)^{nt}
\]

Where:
- $ A $ is the amount of money accumulated after $ t $ years (the future value).
- $ P $ is the principal amount (initial investment) = \$1700.
- $ r $ is the annual interest rate (in decimal form) = 18% = 0.18.
- $ n $ is the number of times the interest is compounded per year = 12 (monthly compounding).
- $ t $ is the number of years = 7.

Now, substitute the values into the formula:

\[
A = 1700 \left(1 + \frac{0.18}{12}\right)^{12 \times 7}
\]

Let's calculate this.

Sittipon's investment is now worth approximately \$5937.40 after 7 years at an interest rate of 18% compounded monthly.

Do you want more details or have any questions?

Here are 5 related questions for further exploration:
1. How would the future value change if the interest rate was compounded quarterly instead of monthly?
2. What would be the worth of the investment after 10 years at the same interest rate?
3. How does compounding frequency affect the overall return on investment?
4. What is the total interest earned in this scenario?
5. How much would the investment be worth with a lower rate of 10%?

**Tip**: The more frequently interest is compounded, the higher the future value of an investment, due to the power of compound growth.

Sittipon invested $1700 in an account, 7 years ago at the rate of 18% compounded monthly. How much is his investment worth now?

Learn how to calculate the future value of an investment of $1700 with an 18% annual interest rate compounded monthly over 7 years. The detailed solution uses the compound interest formula to find that the investment is now worth approximately $5937.40. Ideal for high school students learning about compound interest and exponential growth.

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