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

Answers

Answered by R_scott
a) 500 + (500 * .045 * 5)

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!

Related Questions