Answered

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Ariana invested $400 in an account paying an interest rate of 3.8% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 11 years?

Sagot :

Eddie1Wan

Answer:

After 11years there'll be$602.880

Step-by-step explanation:

Amount after 11years

=$400(1+3.8/100)¹¹

=$602.880

The after 11 years the amount will be $602.880

We have given that,

Ariana invested $400 in an account paying an interest rate of 3.8% compounded monthly.

What is the formula for the future value on simple interest?

[tex]A=p(1+r)^n[/tex]

Amount after 11 years,

[tex]P=$400r=3.8[/tex]

[tex]=\frac{3.8}{100} =0.38[/tex]

[tex]=$400(1+3.8/100)^{11}[/tex]

[tex]=$602.880[/tex]

Therefore the after 11 years the amount will be $602.880.

To learn more about future values visit:

https://brainly.com/question/24703884

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