LaurielleB465609 LaurielleB465609
  • 25-10-2022
  • Mathematics
contestada

You invest $25,000 into an account earning 7.8% interest compounded monthly. How much is inthe account after 14 years.

Respuesta :

CaraghI150340 CaraghI150340
  • 25-10-2022

P = $25000

R = 7.8%

t = 14

Therefore,

[tex]A=P(1+\frac{r}{n})^{nt}[/tex][tex]\begin{gathered} A=25000(1+\frac{0.078}{12})^{12\times14} \\ A=25000(1+0.0065)^{168} \\ A=25000(1.0065)^{168} \\ A=25000\times2.96971593784 \\ A=\text{ \$}74242.898446 \\ A=\text{ \$}74242.898446 \\ A=\text{ \$}74,242.90 \end{gathered}[/tex]

Answer Link

Otras preguntas

A school has 375 boys and 405 girls.What percentage (correct to one decimal place) are boys?
write a mixed number for p so that 3 1/4 x p is more than 3 1/4
explain why 4/10 and 40/100 have unlike denominators but are equivalent fractions.
round six point nine five to one decimal place
The age in which early humans made tools is called the?
If your freedom was in jeopardy, what would you be willing to sacrifice? Be honest. The truth is that sometimes it is better to play it safe. Sometimes it is be
What is the diploid number of the zenkey?
Find all the real square roots of 0.0064
how can the collision of plates lead to the formation of sedimentary rocks?
the sum of a number p and seven is divided by twelve. the result is three. what is the number?