Asked by riri
                Ryder deposits $500 into an account that earns 4.5% per year. Determine the amount in
the account after 5 years if the interest is:
a) Simple Interest
b) Compounded Monthly
            
        the account after 5 years if the interest is:
a) Simple Interest
b) Compounded Monthly
Answers
                    Answered by
            R_scott
            
    a)  500 + (500 * .045 * 5)
b) 500 * [1 + (.045 / 12)]^60
5 years is 60 monthly compoundings
    
b) 500 * [1 + (.045 / 12)]^60
5 years is 60 monthly compoundings
                    Answered by
            kold killa
            
    ty needed this for math class
    
                                                    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.