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1 answer:
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Answer:
amount in 30 years is $1787.0977
interest is $1387.0977
Step-by-step explanation:
Given data
principal amount = $400
rate = 5 % = 0.05
time period = 30 years
to find out
amount in 30 years and total interest
Solution
we know its interest compounded monthly so n = 12
and interest compounded monthly formula is
amount = principal ............1
put the value principal , n , rate and time in equation 1
we get amount
amount = 400
amount = 1787.0977
amount in 30 years is $1787.0977
and interest = amount - principal ............2
put the value amount and principal in equation 2
we get interest = $1787.0977 - $400
interest =$1387.0977