kaliyaht01
Answered

At Westonci.ca, we connect you with the best answers from a community of experienced and knowledgeable individuals. Our platform connects you with professionals ready to provide precise answers to all your questions in various areas of expertise. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

A bank offers an investment account with an annual interest rate of 1.46% compounded monthly. Aldo Invests $3300 into the account for 5 years.
Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the
st of financial formulas
(a) Assuming no withdrawals are made, how much money is in Aldo's account
after 5 years?
(b) How much interest is earned on Aldo's investment after 5 years?

Sagot :

mathstudent55

Answer:

(a) $3549.75

(b) $249.75

Step-by-step explanation:

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

F = 3300(1 + 0.0146/12)^(12 × 5)

F = 3549.75

3549.75 - 3300 = 249.75

(a) $3549.75

(b) $249.75

We hope this was helpful. Please come back whenever you need more information or answers to your queries. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.