giselledelgado15 giselledelgado15
  • 25-05-2022
  • Mathematics
contestada

You deposit # 100 in a savings account that earns 6% annual interest compounded monthly. What
the balance after 5 years.

Respuesta :

Аноним Аноним
  • 25-05-2022

Answer:

$134.89.

Step-by-step explanation:

Monthly interest = 0.06/12 and its for 5*12 months.

Amount after 5 years = 100(1 + 0.06/12)^(5*12)

= 100(1 + 0.06/12)^60

= $134.89

Answer Link

Otras preguntas

how does climate affect the type of biome found in an area?
Please can some one explaine fore me What is work done
how do you work out the value of "d" in the equation: 7d=4d+21?
A physics lab group was conducting an experiment to determine the length of a spring when different objects of varying weight were hung from it. After testing t
how does climate affect the type of biome found in an area?
What Is the Myocardium?
The difference of seven halves and six quarters is multiplied by negative two fifths. Find this rational number.
The curtis car traveled an average of 21 miles per gallon of gas. At that rate, how far could the car travel on a full tank of 21 gallons
Help with line equations?
how does climate affect the type of biome found in an area?