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Edward Winslow deposited $20,000.00 into a savings account paying 6% annual interest compounded monthly. What amount will be in the account after 6 years? How much compound interest will he have earned?

Respuesta :

samuelonum1

Answer:

$28360

Step-by-step explanation:

Step one:

Given data

P=20000

rate= 6%

time= 6years

Step two:

compound interest

A=P(1+r)^t

substitute

A=20000(1+0.06)^6

A=20000(1.06)^6

A=20000*1.418

A=$28360

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