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aalyn [17]
3 years ago
7

1. Alice invests $1000 at 2% interest compounded monthly over a 5 year period. Assuming no other money is deposited or withdrawn

, what is the total amount of money in her account after 5 years? (Round to the nearest cent)​
Mathematics
1 answer:
eduard3 years ago
6 0

Answer:

$1,105.08.

Step-by-step explanation:

Given that Alice invests $ 1000 at 2% interest compounded monthly over a 5 year period, assuming no other money is deposited or withdrawn, to determine what is the total amount of money in her account after 5 years, the following calculation must be performed:

X = 1,000 (1 + 0.02 / 12) ^ 5x12

X = 1,105.08

Thus, the amount of money in her account after 5 years would be $ 1,105.08.

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