The teacher separated her class of twenty-eight students into two groups. One group has 4 more than twice as many students as th
1 answer:
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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
Thus, we have,
Investment Value =
i.e. Investment Value =
i.e. Investment Value =
i.e. Investment Value =
i.e. Investment Value = $8,240
Hence, the investment amount after 10 years is $8,240.