1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vaieri [72.5K]
3 years ago
13

How much would $200 invested at 5% interest compounded monthly be worth after 9years? Round your answer to the nearest cent

Mathematics
1 answer:
Feliz [49]3 years ago
4 0

Answer:

$311.20

Step-by-step explanation:

Here we are required to use the Compound interest formula for finding the Amount at the end of 9th year

The formula is given as

A=P(1+\frac{r}{n})^{tn}

Where ,

A is the final amount

P is the initial amount = $200

r is the rate of interest = 5% annual = 0.05

n is the frequency of compounding in a year ( Here it is compounding monthly) = 12

t is the time period = 9

Now we substitute all these values in the formula and solve for A

A=200(1+\frac{0.05}{12})^{9\times 12}

A=200(1+0.00416)^{108}

A=200(1.00416)^{108}

A=200 \times 1.556

A=311.20

Hence the amount after 9 years will be $311.20

You might be interested in
What is the least common multiple (lcm)of 2,3, and 6
laiz [17]
<h3>Answer:  6</h3>

Explanation:

List list the multiples of each value

  • multiples of 2 = {2, 4, 6, 8, 10, ...}
  • multiples of 3 = {3, 6, 9, 12, 15, ...}
  • multiples of 6 = {6, 12, 18, 24, ...}

In each list, we see 6 show up. This is the smallest multiple that is in common; therefore, the LCM is 6

Side note: The LCM is useful to help add and subtract fractions.

5 0
2 years ago
What is r ÷ p equal to?
marshall27 [118]

Answer:

if those are variables they can equal anything you want like r=4 and p=2 r/p = 2

Step-by-step explanation:

7 0
3 years ago
Find ten rational number between –3and–2​
creativ13 [48]

Answer:0

Step-by-step explanation:

Find the middle of the 2 numbers

6 0
3 years ago
Sam is 187cm tall how many metres is this?
pishuonlain [190]
187 centimeters is 1.87 meters
8 0
3 years ago
Given roots of quadratic equation are x=3 and x=4 write the quadratic equation.
Andrews [41]
Asome that’s cool do well
6 0
3 years ago
Other questions:
  • Point A is located at (-4,9) on the coordinate plane. Point B is located at (-4,-7). What is the distance between point A and po
    10·1 answer
  • PLEASE HALP ME! ( WILL MARK BRAINLIEST! Thank you! ;)
    12·2 answers
  • A team of workers took 1676.3 hours to complete a task. A smaller team of workers will complete the same task,but it will take t
    6·1 answer
  • 7 miles into kilometres
    8·2 answers
  • The school talent she is 90 minutes long. The average rate of the show is about 10 acts every 30 minutes. At this rate, how many
    12·1 answer
  • Write a polynomial that fits the description:
    13·2 answers
  • Determine the independent and dependent variable from the following equations:
    9·1 answer
  • (9t + 1) + 7(1 + 9t)<br><br> Complete the missing expressions!!
    9·1 answer
  • Simplify the expression <br> 5(2x+3y)
    6·1 answer
  • How many weeks will Sanjay need to ride his bike to work in order to ride 150 kilometers?
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!