It takes 10 years for a $100 monthly bank deposit to amount to $15,528.23 when invested at 5% interest compounded monthly. Round to the nearest place value, then express the amount $15,528.23 in the form of a×10n

Question

where a
is single digit.(1 point)
$$

Answer 1

We can use the formula for compound interest:

A = P(1 + r/n)^(nt)

where:
A = the future value of the investment
P = the principal amount (initial deposit)
r = annual interest rate (in decimal form)
n = number of times the interest is compounded per year
t = number of years

In this case, we have:
A = $15,528.23 (future value)
P = $100 (monthly deposit)
r = 5% = 0.05 (interest rate in decimal form)
n = 12 (compounded monthly)
t = 10 (years)

Plugging in these values, we can solve for A:

15,528.23 = 100(1 + 0.05/12)^(12*10)

Dividing both sides of the equation by 100:

155.2823 = (1 + 0.05/12)^(12*10)

Taking the 10th root of both sides:

(1 + 0.05/12) = (155.2823)^(1/(12*10))

Simplifying the right side:

(1 + 0.05/12) = (155.2823)^(1/120)

Let's calculate the right side:

(1 + 0.05/12) = 1.00373

Now we can express the original amount of $15,528.23 in the form of a×10^n:

a = 1.552823
n = 4

Thus, $15,528.23 can be expressed as 1.552823 × 10^4.

Answer 2

bot $15,528.23 in the form of a×10^n
where a
is single digit.

Answer 3

so confused whats the answer..