2 years ago

$400 is invested for 5 years at 12% p.a. compounded monthly.

Mathematics

1 answer:

Lera25 [3.4K]2 years ago

7 0

Answer:

$ 326.68 interest earned at 5 yrs

Step-by-step explanation:

Period = 1 month Periods = 5 x 12 = 60 periodic interest = .12/12 = .01

400 ( 1 +.01)^60 = 726.68 value in account after 5 years

subtract the original deposit to find the interest earned

726.68 - 400 = 326.68

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