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malfutka [58]
3 years ago
9

if $100 is deposited in an account each month for 10 years and the account earns 7% compounded monthly; how much will be in the

account after the last deposit is made?
Mathematics
1 answer:
dsp733 years ago
8 0
The compound formula is 
A = P(1+ r/n)^nt
Where A is the final amount
P is the principal (initial/starting amount)
R is the rate of interest
N is the number of times per year that the interest is compounded,
T is the time in years.

Plug each value into the equation, so you should get
A = 100(1+0.07/12)^(12)(10)

Simplify that. The answer should be...
...
...
A = $200.97
will be in the account after the last deposit is made. 
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