rwilkerson28rw
Answered

Welcome to Westonci.ca, the place where your questions are answered by a community of knowledgeable contributors. Explore our Q&A platform to find in-depth answers from a wide range of experts in different fields. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

If an individual saves $5,700 and elects to place the total dollar amount into a savings account earning 2.75% APR compounded monthly, how much will the original deposit grow to in 12 years?

Sagot :

Polyblock

Answer:

$7,925.53

Step-by-step explanation:

We'll have to use the compound interest formula: A = P(1 + r/n)ⁿˣ

A = final amount (?)

P = starting amount (5700)

r = rate

n = times applied (12 since its monthly and there 12 months in a year)

x = years (12)

A = 5700(1 + 0.0275/12)¹⁴⁴

A = 7925.525498629932

We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.