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KATRIN_1 [288]
3 years ago
5

If an individual saves $5,700 and elects to place the total dollar amount into a savings account earning 2.75% APR compounded mo

nthly, how much will the original deposit grow to in 12 years?
Mathematics
1 answer:
Naddika [18.5K]3 years ago
7 0

Answer:

$7,925.53

Step-by-step explanation:

We'll have to use the compound interest formula: A = P(1 + r/n)ⁿˣ

A = final amount (?)

P = starting amount (5700)

r = rate

n = times applied (12 since its monthly and there 12 months in a year)

x = years (12)

A = 5700(1 + 0.0275/12)¹⁴⁴

A = 7925.525498629932

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