Answered

Westonci.ca is the premier destination for reliable answers to your questions, brought to you by a community of experts. Discover detailed solutions to your questions from a wide network of experts on our comprehensive Q&A platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Find the value of $1000 deposited for 10 years in an account paying 6% annual interest compound
monthly.

Sagot :

griffonabrams75725

Answer:

You have to use the formula for compound interest which is: A=P(1+r/n)^nt

The Givens info is:

A=?

P=1000

r= 6% = 0.06 (convert into decimal)

n=12(# of interest periods: since it is monthly n=12)

t=10

Now your formula should look like this:

A= 1000*(1+(0.06/12))^12*10

A=1000*(1.005)^120

A=1000*(1.819396734)

A=$1819.40

Step-by-step explanation:

Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.