Kyle invested $15,000 in a savings account. If the interest rate is 5% per year, how much will be in the account in 10 years for
monthly compounding? Round your answer to two decimal places.
2 answers:
Answer:
Kyle invested $15,000 in a savings account.
The interest rate is 5% per year.
After 10 years for monthly compounding, the amount of money Kyle has:
A = principal x (1 + rate/12)^(year x 12)
A = 15000 x (1 + (5/100)/12)^(10 x 12)
= 15000 x 1.004167^120
= 24705.1425$
Hope this helps!
:)
Answer:
24705.1425$
Step-by-step explanation:
there ya go
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