Asked by Name
10. You deposit $520 in an account with 4% interest
compounded monthly. What is the balance in the
account after 5 years?
compounded monthly. What is the balance in the
account after 5 years?
Answers
Answered by
Damon
4%/year = (1/3)% /month
every month multiply by 1.003333333333333333333333333......
for 5*12 = 60 months
so
520 * (1.003333333333333333333333333......)^60
every month multiply by 1.003333333333333333333333333......
for 5*12 = 60 months
so
520 * (1.003333333333333333333333333......)^60
Answered by
Name
Thank you SOOOO MUCH Damon
Answered by
ronald mic dooooonald
thank you Damon this helped a lot
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