Looking for answers? Westonci.ca is your go-to Q&A platform, offering quick, trustworthy responses from a community of experts. Get accurate and detailed answers to your questions from a dedicated community of experts on our Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
[tex]~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$21000\\ r=rate\to 7\%\to \frac{7}{100}\dotfill &0.07\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &20 \end{cases}[/tex]
[tex]A=21000\left(1+\frac{0.07}{12}\right)^{12\cdot 20}\implies A=21000\left( \frac{1207}{1200} \right)^{240}\implies A\approx 84813.52[/tex]
Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.
