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2 years ago

11

If you deposit $6000 into an account paying 8% annual interest compounded monthly, how much money will be in the account after 7

years?

1 answer:

Leviafan [203]2 years ago

6 0

Answer:

$10278

Step-by-step explanation:

Given data

P= $6000

R= 8%

T= 7 years

The compound interest formula is

A=P(1+r)^t

substitute

A=6000(1+0.08)^7

A=6000(1.08)^7

A=6000*1.713

A=$10278

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Answer:

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Step-by-step explanation:

To be able to find how much we get in 5 years, we need to base it off the initial salary value.

So in the first year we get.

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Now we continue to do that until the 5th year

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3 years ago

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