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3 years ago

How much would $500 invested at 6% interest compounded monthly be worth after 4 years? Round your answer to the nearest cent

1 answer:

7 0

1) Compound interest formula:
$A = P(1+ \frac{r}{n}) ^{nt}$ **
**A = amount, P = principal amount, r = rate, n = # of times interest is compunded every year, t = time(in years)
2) Plug numbers in
 $A = (500)(1+ \frac{0.06}{12}) ^{(12)(4)}$
3) Solve
A = 635.24458054

Hope this helped! Good Luck!

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3 years ago

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3 years ago

You put $200 into an account earning 6% interest compounded yearly.

VMariaS [17]

Answer:

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Step-by-step explanation:

From the above question, we are to find Time t for compound interest

The formula is given as :

t = ln(A/P) / n[ln(1 + r/n)]

A = $2500

P = Principal = $200

R = 6%

n = Compounding frequency = 1

First, convert R as a percent to r as a decimal

r = R/100

r = 6/100

r = 0.06 per year,

Then, solve the equation for t

t = ln(A/P) / n[ln(1 + r/n)]

t = ln(2,500.00/200.00) / ( 1 × [ln(1 + 0.06/1)] )

t = ln(2,500.00/200.00) / ( 1 × [ln(1 + 0.06)] )

t = 43.346 years

Approximately = 43.35 years

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2 years ago