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
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.

You might be interested in
Is 3, 1, 1/3, 1/9,... a geometric sequence?
barxatty [35]
a_1;\ a_2;\ a_3;\ a_3;\ ...;\ a_n;\ a_{n+1};...\ is\ a\ geometric\ sequence\\if\ a_{n+1}:a_n=const.\\-------------------\\a_1=3;\ a_2=1;\ a_3=\dfrac{1}{3};\ a_4=\dfrac{1}{9}\\\\a_4:a_3=\dfrac{1}{9}:\dfrac{1}{3}=\dfrac{1}{9}\cdot\dfrac{3}{1}=\dfrac{1}{3}\\\\a_3:a_2=\dfrac{1}{3}:1=\dfrac{1}{3}\\\\a_2:a_1=1:3=\dfrac{1}{3}\\\\Answer:Yes.\ It's\ the\ geometric\ sequence.
7 0
3 years ago
Help help please i will mark u brill
Roman55 [17]

Answer:

Step-by-step explanation:

u/4 + 9.9 = 16.9

Putting value of u = 24 in the equation

24/4 + 9.9 = 16.9

6 + 9.9 = 16.9

15.9 = 16.9

Bringing like terms on one

16.9 - 15.9 = 1

7 0
3 years ago
Read 2 more answers
A boat costs $8,350 and decreases in value by 12% per year. how much will the boat be worth after 5 years?
BARSIC [14]
The boat would cost 3,340 dollars
7 0
3 years ago
What is the formula for a counterclockwise rotation of 180°?!?!
Sloan [31]

Answer: A (x,y) is your original. Your answer after would be A' (-x,-y) you would change the sign. If its negative it becomes positive, and if it'd positive it becomes negative.

7 0
3 years ago
Read 2 more answers
What is the slope-intercept form in the picture
grandymaker [24]

Answer:

y= 3/2x+40

Step-by-step explanation:

y= rise/run+ y-intercept

5 0
3 years ago
Other questions:
  • Arrange 14.200, 14.204, 14.240, 14.210
    6·2 answers
  • Multiply and simplify. (3x+5)(2x2−3x+2) Enter your answer, in standard form, in the box.
    15·2 answers
  • Each meal at a dinner is $10 . 5 friends ate . Then there was 9% tax . What is the final total ?
    11·2 answers
  • Please help ASAP please and thank you
    10·1 answer
  • (4,-5), (6, r), m = 9 what is r​
    5·1 answer
  • Find the population mean or sample mean as indicated.<br> Sample: 17, 11, 8, 12, 22
    6·1 answer
  • Write 8867 to 2 significant figures<br>I can't remember how to do this. ​
    15·1 answer
  • Glven: ABCD is a parallelogram.<br> Prove: AB - CD and BC – DA
    13·2 answers
  • Find the value of x! this is geometry
    10·1 answer
  • What is 1/2 of simplified in fraction form
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!