Miguel deposits $5000 in an account
1 answer:
Then the amount of money will he have in his account after 10 years will be $7,454.16. Then the correct option is B.
<h3>What is compound interest?</h3>Compound interest is the interest on a loan or deposit calculated based on the initial principal and the accumulated interest from the previous period.
Miguel deposits $5000 in an account earning 4% interest compounded monthly.
Then the amount of money will he have in his account after 10 years will be
We know the compound interest formula.
Where
A = amount
P = principal
r = rate of interest
t = time period (in year)
Then we have
More about the compound interest link is given below.
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For this case we have the following function:
The first thing you should do is graph the function to see the behavior.
When observing the graph (in the attached image) we observe that the following point belongs to the graph:
To prove it, let's evaluate the point in the function:
The equation is fulfilled and therefore the point belongs to the graph.
Answer:
(6.2, 7.4)
See attached image
The first thing you should do is graph the function to see the behavior.
When observing the graph (in the attached image) we observe that the following point belongs to the graph:
To prove it, let's evaluate the point in the function:
The equation is fulfilled and therefore the point belongs to the graph.
Answer:
(6.2, 7.4)
See attached image