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ruslelena [56]
3 years ago
10

4. A savings account is started with $10,000. Calculate the

Mathematics
1 answer:
Ilya [14]3 years ago
5 0

Answer:

  • $1217.50

Step-by-step explanation:

<u>Given:</u>

  • Principal P = $10000
  • Interest rate r = 2.3% = 0.023
  • Compound number n = 12
  • Time t = 5 years

<u>Interest amount is:</u>

  • I = P(1+ r/n)^(nt) - P
  • I = 10000(1 + 0.023/12)^60 - 10000 = $1217.50
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