Asked by Kalani
A deposit of $10,000 is made in a trust fund that pays 4.9% interest, compounded monthly. What is the balance of the trust fund after 15 years?
Answers
Answered by
Reiny
i = .049/12 = .00408333...
n= 15(12) = 180
amount
= 10000(1.00408333..)^180
= $ 20,823.63
n= 15(12) = 180
amount
= 10000(1.00408333..)^180
= $ 20,823.63
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.