Question

I’ll give brainliest!! Help!!Jeremy deposits $24,000 into an account earning interest that is compounded monthly. The interest rate is 4%. He makes no other deposits or withdrawals.
What is the total amount in Jeremy's account after 30 years?

$27,600.14


$38,773.39


$79,523.95

Answer 1

Total amount over a period of time compounded monthly is given by;

A=P (1+R/12)^n*12 Where A = Compounded total after a period of time, P= amount invested, R = interest rate in decimals, n= number of years.

Here, R=4/100 = 0.04, n=30 years

Substituting;
A= 24000(1+0.04/12)^30*12 = $79523.95

Answer 2

The answer is $79,523.95

I just tooked the test.