robertitomarquez13 robertitomarquez13

17-04-2021
Mathematics

contestada

You deposit
$
6500
into an account paying
8
%
annual interest compounded monthly. How much money will be in the account after
7
years?

Respuesta :

000998644 000998644

17-04-2021

I believe it is $10,140. Apologies if I’m wrong.

Answer Link

gufeliz1965 gufeliz1965

17-04-2021

Use the formula A = p(1 + r/n)^(nt).

Here is the set up:

A = 6500[1 + (0.08/4)]^(4•7)

Solve for A.

Answer Link

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