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blondinia [14]
3 years ago
7

if an amount of $5,000 is deposited into a savings account at an annual interest rate of 5%, compounded monthly, what is the val

ue of the investment after 10 years?
Mathematics
1 answer:
Ugo [173]3 years ago
5 0

Answer:

$8,240

Step-by-step explanation:

We are given that,

Principle amount in the savings account, P = $5,000.

Rate of interest, r = 5% = 0.05

Time period, t = 10

Also, the interest is compounded monthly, n = 12

As, we now that the value of the investment is given by P(1+\frac{r}{n})^{nt}

Thus, we have,

Investment Value = 5000(1+\frac{0.05}{12})^{12\times 10}

i.e. Investment Value = 5000(1+\frac{0.05}{12})^{12\times 10}

i.e. Investment Value = 5000(1+0.00417)^{120}

i.e. Investment Value = 5000\times 1.648

i.e. Investment Value = $8,240

Hence, the investment amount after 10 years is $8,240.

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