A pizza is divided into 12 pieces. Glenn and Sophie each ate 1/4 of the pizza on Thursday. The next day Sophie ate 1/3 of the pi
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<u>Answer-</u>
<em>The amount will be </em><em>$8944.62</em><em> after 5 years.</em>
<u>Solution-</u>
We know that,
Where,
P = Payment = $50 monthly
r = rate of interest compounded monthly=
n = number of period = 5 years = 5×12 = 60 months
Putting the values in the formula,
Therefore, the amount will be $8944.62 after 5 years.