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
Angle C is inscribed in circle O. Line AB is a diameter of circle O. What is the measure of angle B? I can't get the picture but
WINSTONCH [101]

Answer:

Step-by-step explanation:

Since the inscribed angle theorem tells us that any inscribed angle will be exactly half the measure of the central angle that subtends its arc, it follows that all inscribed angles sharing that arc will be half the measure of the same central angle. Therefore, the inscribed angles must all be congruent.

7 0
3 years ago
What is the equation of the line which includes points (1, 1) and (1, 5)?
Allisa [31]
Equation of the line that includes points (1, 1) and (1, 5) is a vertical line given by x = 1.
6 0
3 years ago
A man bought 42 stamps, some 13¢ and some 18¢. How many of each kind did he buy if the cost was $6.66?
OverLord2011 [107]
Let's call the 13¢ stamps a and the 18¢ stamps b: a+b = 42 and therefore a= 42-b (formula 1) 0.13a+0.18b= 6.66 In this formula, substitute the value of a according to formula 1: 0.13(42-b)+0.18b= 6.66 Multiply on the left to get rid of the parenthesis: 5.46-0.13b+0.18b= 6.66 Subtract 5.46 from both sides: -0.13b+0.18b= 1.20 Add on the left: 0.05b= 1.20 Divide both sides by 0.05 b= 24 You have 24 18¢ stamps and: 42-24= 18 13¢ stamps Check: (24 x 0.18) + (18 x 0.13)= 6.66 Correct.
5 0
3 years ago
Where I had $480 he used 2/3 of it to buy an electric van he also bought a tea set for $60 how
yawa3891 [41]

2/3 of 480 is 480 divided by 3 and that number times 2, which is 320. The man or woman probably used $60 of this to buy the tea set, which leaves them with $260.

8 0
3 years ago
Which expression would be easier to simplify if you used the associative property to change the grouping?
Scorpion4ik [409]

Answer:

b

Step-by-step explanation:

3 0
2 years ago
Read 2 more answers
Other questions:
  • I found a place that will give me 20% discount if I spend over $50. My pill is $75. How much money will I save?
    12·1 answer
  • Can someone answer this?
    10·1 answer
  • What is 6/10 divided by 2/5
    15·2 answers
  • Which value for x makes the sentence true?
    5·1 answer
  • How are absolute value an opposites different
    7·2 answers
  • Which expression is equivalent to (4^-3)^-6<br><br> a.) 4^3<br> b.) 4^-9<br> c.) 4^-18<br> d.) 4^18
    7·1 answer
  • Whats the answer for this one plz
    9·2 answers
  • Which is more, 6 inches or 1 foot? 6 inches 1 foot Neither, they are equal ​
    7·2 answers
  • Submit
    14·1 answer
  • HELP ASAP!!! ILL GIVE LOTS OF POINTS AND BRAINLIST<br><br> PLEASE SHOW HOW YOU GOT THE ANSWER!
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!