1. Mira invested $500 compounded monthly at 3.5%. How much will it be worth in 4 years?
2 answers:
Answer: A = $575.02
Step-by-step explanation:
Answer:
First, convert R as a percent to r as a decimal
r = R/100
r = 3.5/100
r = 0.035 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 500.00(1 + 0.035/12)(12)(4)
A = 500.00(1 + 0.002916667)(48)
A = $575.02
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $500.00 at a rate of 3.5% per year compounded 12 times per year over 4 years is $575.02.
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