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Sagot :
Thus, Franklin has $5011 after 5 years for an annual rate of 8.25% with interest compounded monthly.
The Franklins inherited $3,500, which they want to invest for their child's future college expenses. Using formula [tex]A = p(1+r/n)^{nt}[/tex]
where A is the value of the investment after t years, P is the principal invested, r is the annual interest rate and n is the number of times compounded per year.
an annual rate of 8.25% with interest compounded monthly, what is the value of the account to the nearest dollar, after 5 years is to be determined.
What is Statistic?
Statistic is the study of mathematics which deal with relations between comprehensive data.
Using formula [tex]A = p(1+r/n)^{nt}[/tex]
[tex]A = 3500*(1+0.0825/12)^{12*5}\\A = 3500*(1+0.006)^{60}\\A = 3500*(1.006)^{60}\\A = 5011.25\\[/tex]
A ≈ 5011
Thus, Franklin has $5011 after 5 years for an annual rate of 8.25% with interest compounded monthly.
Learn more about Statistics here:
https://brainly.com/question/23091366
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