3 years ago

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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