If $500 were deposited into an account paying 5% interest, compound monthly, how much would be in the account in 4 years?
1 answer:
Answer:
610.48
Step-by-step explanation:
The formula for compound interest is
A = P(1+r/n) ^nt where
A is the amount in the account
P is the principle
r is the interest rate
n is the number of times the interest is compounded per year
t is the time in years
A = 500(1+.05/12) ^12*4
A = 500(1+.0041666666) ^48
A = 500(1.0041666666) ^48
A = 500*1.220895355
A =610.4476775
Rounding to the nearest cent
A = 610.48
You might be interested in
Answer:
1.one solution is the answer
Step-by-step explanation:
<u /><u />5.28 dollars per pound multiplied by 3.25 pounds is a total of 3.25*5.28=$17.16.
21^2/0.219 = 2013.69863
2 significant figures are the 20, so the answer is 2000
Step-by-step explanation:
2b-3ac
=2×2-3×2×(-1)
= 4+6
=10
Answer:
(2b+3c) × (2a-3d)
Step-by-step explanation:
plz mark as brainliest
