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xxTIMURxx [149]
2 years ago
15

You deposit $1000 in an account that pays 4 1/2% annual interest compounded monthly. How much will you have in the bank after 9

years
Mathematics
2 answers:
Wittaler [7]2 years ago
6 0

Answer:

Step-by-step explanation:

A = I(1+r/n)^nt

A = ?

I = $1000

r = 4.5% = 4.5/100 = 0.045

n = 12

t = 9

A = 1000(1+0.045/12)^108

A = 1000(1.00375)^108

A = $1498.17

Ierofanga [76]2 years ago
4 0

Answer:

1498.17

Step-by-step explanation:

formula A = P(1 + \frac{r}{100}  )^{n} where r is the rate of interest compounded and n is the number of times compounded.

r = 4.5 / 12 = 0.375 since it is compounded monthly thus need to divide by 12 months

n = 9 x 12 = 108 ( 9 years in months)

A = 1000(1 + \frac{0.375}{100})^{108} = 1498.167

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