Can I please get help? I don’t understand how to do this.
1 answer:
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Answer:
$69,408.17 = $69,410 rounded
Step-by-step explanation:
Final investment value
$69,408.17
Total interest earned
$19,408.17
Initial balance
$50,000.00
Total monthly deposits
$0.00
Effective Annual Rate (APY)
4.185%
The formula used in the compound interest calculator is A = P(1+r/n)^(nt)
A = the future value of the investment
P = the principal investment amount
r = the interest rate (decimal)
n = the number of times that interest is compounded per period
t = the number of periods the money is invested for
Answer attached below!
