lakishabellamy211
Answered

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You deposit $6000 in an account earning 2% interest compounded monthly How much will you have in the account in 10 years ​

Sagot :

afualuvappiah20

The amount is $7327.49 and the interest is $1327.49.

Explanation:

STEP 1: To find amount we use formula:

A = total amount

P = principal or amount of money deposited,

r = annual interest rate

n = number of times compounded per year

t = time in years

In this example we have

After plugging the given information we have

View image afualuvappiah20
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