We have been given that Willy has compounded monthly to invest his summer earnings of $4259 in the Rock Solid Bank. The bank is offering 6%. We are asked to find the amount of money will be after 5 years.

We will use compound interest formula to solve our given problem.

$A=P(1+\frac{r}{n})^{nt}$ , where,

A = Final amount after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year.

t = Time in years.

$6\%=\frac{6}{100}=0.06$

Since interest is compounded monthly, so $n=12$ and $P=4259$ .

$A=\$4259(1+\frac{0.06}{12})^{12\cdot 5}$

$A=\$4259(1+0.005)^{60}$

$A=\$4259(1.005)^{60}$

$A=\$4259(1.3488501525493161)$

$A=\$5744.752799707\approx \$5744.75$

Therefore, Will will have approximately $\$5744.75$ in 5 years.

7 0

3 years ago

Find the slope of the line. A. -1/6 B. 1/6 C. -6

AlladinOne [14]

The answer is C or -6

5 0

3 years ago

Read 2 more answers

Dividing polynomials. Help

lbvjy [14]

you can use long division to do this:-

a + 3 ) a^2 + 2a + 3

= a - 1 remainder 6 or you can write it as a - 1 + 6 / (a + 3)

4 0

3 years ago