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
Help with this question thx
mario62 [17]

Answer:

3.5ft

Step-by-step explanation:

3 0
3 years ago
Josh attempted 56 free throws during the basketball season. He made 57 of them. How many free throws did he make?
Scorpion4ik [409]

Answer:

He made approximately 32 free throws.

Step-by-step explanation:

Assuming that there's a typo in the question and that he made 57% of his attempted free throws, then we can solve it as shown below:

We can apply a rule of three in order to calculate the number of free throws he made. This is done as follows:

56 free throws -> 100%

x free throws -> 57%

56/x = 100/57

100*x = 57*56

x = 57*56/100 = 31.92

It can also be solved by transforming the percentage in a fraction such as 57% = 57/100 and then multiplying it by the total attempts.

free throws made = 56*57/100 = 31.92

He made approximately 32 free throws.

7 0
3 years ago
Decide whether a triangle with side lengths of sqr5, 5, and 5.5 is right, acute, or obtuse.
LUCKY_DIMON [66]
It is acute isosceles triangle
4 0
3 years ago
Which statement is true? A translation is a function because each point on the pre-image is mapped to a unique point on the imag
Bess [88]

the first one is true

3 0
3 years ago
Read 2 more answers
Please help me with this!
TEA [102]

Answer:

y=2x+3

Step-by-step explanation:

you should see how to get from one number to the next.

I noticed by multiplying an input by 2 then adding 3 I reach my output.

I would use this for each input to find that it would equal my output every time I used the rule

5 0
2 years ago
Other questions:
  • What is a closed line of credit? a. A line of credit with a set maximum credit limit. b. A line of credit with no interest rate.
    8·2 answers
  • If a = 4 units, b = 7 units, c = 8 units, d = 11 units, and e = 5 units, what is the volume of the composite figure?
    12·1 answer
  • Julia is five years older than her sister Babs, and their ages add up to 31. How old is Babs?
    5·2 answers
  • A recipe calls for ​ ​1 /4 ​​ start fraction, 1, divided by, 4, end fraction cup of chocolate chips for each batch of cookies. A
    11·1 answer
  • Connie collected 50 seashells during her 5 day vacation. Each day she collected 3 more than the previous day. How many seashells
    6·1 answer
  • A student was asked to calculate the missing leg of
    12·1 answer
  • Help me asap please
    5·2 answers
  • The width of a rectangle is the length minus 4 units. The area of the rectangle is 21 units. What is the width, in units, of the
    5·1 answer
  • What is the product of the square of 3 and cube of 5?
    14·2 answers
  • What is the base of a triangle with an area of 207 square inches and a height of 18 inches ?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!