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Sagot :
Answer:
There would be $7,058.47 in the saving account.
Step-by-step explanation:
The amount of money, after t years, with compound interest, is given by the following formula:
[tex]A(t)=P(1+\frac{r}{n})^{n\ast t}[/tex]In which:
P is the amount of the initial deposit.
r is the interest rate, as a decimal.
n is the number of compoundings per year.
t is the number of years.
In this question:
Deposit of $5,500, so P = 5500.
5 years, so t = 5.
Rate of 5%, so r = 0.05.
Monthly compounding, so 12 times a year, which means that n = 12.
Then
[tex]A(5)=5500(1+\frac{0.05}{12})^{12\ast5}=7058.47[/tex]There would be $7,058.47 in the saving account.
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