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Zepler [3.9K]
3 years ago
12

1. If you deposit $6500 into an account paying 8% annual interest compounded monthly, how much money will be in the account afte

r 7 years? Compare this to the amount you would have in the account with simple interest.
Mathematics
2 answers:
ValentinkaMS [17]3 years ago
8 0
After 7 years there will be $11358.24 in the account.
Daniel [21]3 years ago
4 0

Answer:

After 7 years $11,358.24 in the account

Step-by-step explanation:

FV=6500(1+\frac{0.08}{12})^1^2^(^7^)\\FV=6500(1.00666666)^8^4\\FV=6500(1.747422051)\\FV=11358.24

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