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beks73 [17]
3 years ago
13

If $10,000 is invested in an account at the rate of 6.25% compounded monthly, then the amount after 15 years is approximately

Mathematics
1 answer:
Liono4ka [1.6K]3 years ago
5 0
The formula is
A=p (1+r/k)^kt
A future value?
P present value 10000
R interest rate 0.0625
K compounded monthly 12
T time 15 years
A=10,000×(1+0.0625÷12)^(12×15)
A=25,473.84
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