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Serhud [2]
3 years ago
6

You invest $7000 in an account bearing 5% for ten years. How much will the account be worth if compounded quarterly? What about

monthly?
Mathematics
2 answers:
Mars2501 [29]3 years ago
8 0
\bf \qquad \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\qquad 
\begin{cases}
A=\textit{current amount}\\
P=\textit{original amount deposited}\to &\$7000\\
r=rate\to 5\%\to \frac{5}{100}\to &0.05\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{quarterly, means 4 times}
\end{array}\to &4\\

t=years\to &10
\end{cases}

how about monthly?  well, there are 12 months in a year, so it will the compound cycle is 12, thus \bf \qquad \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\qquad 
\begin{cases}
A=\textit{current amount}\\
P=\textit{original amount deposited}\to &\$7000\\
r=rate\to 5\%\to \frac{5}{100}\to &0.05\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{monthly, 12 months, thus}
\end{array}\to &12\\

t=years\to &10
\end{cases}
jeyben [28]3 years ago
5 0
Quarterly
A=5,000×(1+0.05÷4)^(4×10)
A=8,218.097
Monthly
A=5,000×(1+0.05÷12)^(12×10)
A=8,235.047
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