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Agata [3.3K]
3 years ago
8

If $5,000 is invested at 8% annual interest compounded monthly, what is the account balance after 5 years, assuming no additiona

l deposits or withdrawals are made?
Mathematics
2 answers:
gulaghasi [49]3 years ago
5 0

Answer:

A = $7,449.23

Step-by-step explanation:

First, convert R as a percent to r as a decimal

r = R/100

r = 8/100

r = 0.08 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 5,000.00(1 + 0.08/12)(12)(5)

A = 5,000.00(1 + 0.006666667)(60)

A = $7,449.23

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $5,000.00 at a rate of 8% per year compounded 12 times per year over 5 years is $7,449.23.

densk [106]3 years ago
3 0

Answer:

Fv= 7346.64

Step-by-step explanation:

PV= 5000

I=8%=0.08

N=5 YEARS

FV= PV(1+I)n

= 5000(1+0.08)5

=7346.64

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