juanitamp145
juanitamp145 juanitamp145
  • 04-05-2020
  • Mathematics
contestada

You deposit $500 in a savings account that earns 9% interest compounded monthly. find the amount the account after 5 years.​

Respuesta :

MikeMart77
MikeMart77 MikeMart77
  • 04-05-2020

Answer:

$782.84

Step-by-step explanation:

Compound interest is defined as:

[tex]a = p {(1 + \frac{r}{n} )}^{nt} [/tex]

Where:

a = final worth

p = principal / original value

r = decimal rate of interest

n = repetitions per annum

t = number of years

In this case:

[tex]a = 500 {(1 + \frac{0.09}{12} )}^{5 \times 12} \\ a = 500 {(1.0075)}^{60} \\ a = 782.84[/tex]

Answer Link

Otras preguntas

What is the sum of 2/10 plus 6/100? Need help and steps
A scuba diver measures an increase in pressure of around 10^5 Pa upon descending by 10 m, what is the change in force per square centimetre on the diver’s body
Add or remove commas, if necessary, until the sentence has correct punctuation.Nicole Watterson jumps, and shouts whenever thissong comes on the radio.​
A metaphor for painting
PTS 100 Brainlest The Coronavirus has affected everyone in ways that we did not expect. For many of us, one of the things we love to do is watch sports. Now,
Why is it important to predict and measure natural disasters
Jack Roosevelt Robinson (January 31, 1919 — October 24, 1972), became the first African American Major League Baseball player of the modern era in 1947. (2)He w
how would I calculate this
Find the surface of rectangular prism
what was life like during the roaring twenties