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natita [175]
3 years ago
7

Nazerhy deposits $8,000 in a certificate of deposit. The annual interest rate is 6%, and the interest will be compounded monthly

. How much will the certificate be worth in 10 years?
Round your answer to the nearest cent.
Do NOT round until you calculate the final answer
Mathematics
1 answer:
Likurg_2 [28]3 years ago
4 0

Answer:

A=\$14,555.17

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

t=10\ years\\ P=\$8,000\\ r=6\%=6/100=0.06\\n=12  

substitute in the formula above

A=8,000(1+\frac{0.06}{12})^{12*10}  

A=8,000(1.005)^{120}  

A=\$14,555.17

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