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krok68 [10]
3 years ago
12

How much compound interest will $50,000 earn in 10 years at 3.4% APR compounded yearly, providing no deposits or withdrawals are

made? Hint: Use the formula A = P(1.00 + r)n.
Mathematics
2 answers:
Vika [28.1K]3 years ago
5 0
Total = Principal * (1 + rate)^years
Total = 50,000 * (1.034)^10
<span><span><span>Total = 50,000 * 1.3970288911 </span> </span> </span>
Total = <span> <span> <span> 69,851.44</span></span></span>



fiasKO [112]3 years ago
4 0

Answer:

Compound interest made on $50,000 for 10 years at 3.4% APR compounded yearly is $ 19851.44

Step-by-step explanation:

Given: Principal $50,000 for 10 years at 3.4% APR compounded yearly,

We have to find the compound interest made on $50,000 for 10 years at 3.4% APR compounded yearly,

Using formula for compound interest

A=P(1+r)^n

Where A is amount

P is principal

r is rate of interest

n is time period

For the given question,

P = $ 50,000

r = 3.4% = 0.034

t = 10

Substitute, we have,

A=50000(1+0.034)^{10}

Simplify, we get,

A = $ 69851.44

Thus, Compound interest = Amount - Principal

C.I = 69851.44 - 50,000

C.I. = 19851.44

Thus, Compound interest made on $50,000 for 10 years at 3.4% APR compounded yearly is $ 19851.44

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