Asked by Narancia Ghirga

Suppose you deposit $10,000 into a savings account with 3.5% compound interest compounded each month. Find the account balance in 50 years. Round the answer to the nearest thousand dollars.

Help

 
Answered by R_scott
(starting amount) * [1 + (interest per compounding)]^(compoundings)

10,000 * [1 + (.035 / 12)]^(12 * 50)

Answered by henry2,
P = Po(1+r)^n,
r = 0.035/12 = 0.00292 = monthly % rate expressed as a decimal,
n = 12comp./yr. * 50yrs. = 600 compounding periods,

P = 10,000(1.00292)^600 =
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