Find the amount accumulated if $10000 is invested for 5 years at a rate of 5.9% compunded monthly.
1 answer:
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Answer:
Final cost = £779
Step-by-step explanation:
It is given that:
Cost of summer holiday = £650
Amount increased by 11%
Increased cost = 11% of 650
Increased cost =
Increased cost = 0.11 * 650 = £71.50
Amount after increment = 650 + 71.50 = £721.50
Further increase = 8%
Amount = 0.08 * 721.50 = £57.72
Final cost = 721.50 + 57.72 = £779.22
Thus,
Final cost = £779