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The summer after sophomore year, Haley nannied for a family and earned $2000. She
decided to save it all and deposit it into an account earning 5.8% interest compounded
monthly. When Haley finished college, 6 years later, she decided to use the money to put
deposit on a car. How much money did Haley have?

Respuesta :

Answer:

$2,830.09

Step-by-step explanation:

First, convert R as a percent to r as a decimal

r = R/100

r = 5.8/100

r = 0.058 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 2,000.00(1 + 0.058/12)(12)(6)

A = 2,000.00(1 + 0.004833333)(72)

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $2,000.00 at a rate of 5.8% per year compounded 12 times per year over 6 years is $2,830.09.

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