Question

What is the Compound interest on a 10,000 investment the earns 6% compound monthlyfor5 years

Answer 1

Answer:

The total compound interest is $3,488.50, I hope I helped explain how to find total compound interest

Step-by-step explanation:

So the formula for this would be:

A = P(1+r/n)^nt

A = the amount of your principal plus interest, which is the total

P = stands for the principal, which is your original amount invested

r = shows the interest rate in decimal form

n =  stands for the number of compounding periods

So to solve for the compound interest we would plug in our numbers in replacement for the letters