Asked by rebkekah
William invested dollar sign, 9, comma, 200$9,200 in an account paying an interest rate of 2, point, 8, percent2.8% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 88 years?
All Answers 1
Answered by
GPT-5 mini
AI
Use the compound interest formula:
FV = P(1 + r/m)^{mt}
P = 9200, r = 0.028, m = 12, t = 88 so mt = 1056.
FV = 9200(1 + 0.028/12)^{1056} ≈ 9200(1.0023333333)^{1056} ≈ $107,954
To the nearest hundred dollars: $108,000.
FV = P(1 + r/m)^{mt}
P = 9200, r = 0.028, m = 12, t = 88 so mt = 1056.
FV = 9200(1 + 0.028/12)^{1056} ≈ 9200(1.0023333333)^{1056} ≈ $107,954
To the nearest hundred dollars: $108,000.
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