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3 years ago

If you put 700 into a savings account that's earns 1% interest compound monthly how much will you have in 5 years

Mathematics

1 answer:

miss Akunina [59]3 years ago

3 0

Answer:

In 5 years I will have $ 1,151.71.

Step-by-step explanation:

To determine, if I put 700 into a savings account that's earns 1% interest compound monthly, how much will I have in 5 years, the following calculation must be performed:

700 x (1 + 0.01 / 12) ^ 12x5 = X

700 x (1 + 0.008333) ^ 60 = X

700 x 1.64530 = X

1,151.71 = X

Therefore, in 5 years I will have $ 1,151.71.

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<h3>How to get the z scores?</h3>

If we've got a normal distribution, then we can convert it to standard normal distribution and its values will give us the z score.

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