Answered

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if you invest $10,000 at 10% interest account compounded monthly, how much money you will have in 20 years?

Sagot :

StudiousStud3nt

Answer:

$73280.74

Step-by-step explanation:

We will use the compound interest formula to find the answer

A = P (1 + r/n)^(nt)

Where A is the total amount of money, P is the principal investment amount (how much you put in initially), R is the interest rate, N is the number of times interest is applied per period and T is the number of time periods elapsed.

$10,000 would be the principal investment amount

10% would be the interest rate

12 would be the number of times interest is applied per period (since it is paid monthly)

and 20 would be the number of time periods (as it's the number of years)

A = 10000(1+0.1/12)^(12*20)

A = 10000(7.3280736)

A = 73280.74

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