alliehall2002
27.07.2021 •
Mathematics
If $500 were deposited into an account paying 5% interest, compound monthly, how much would be in the account in 4 years? Please show me proper work and a good explanation on how you got said answer.
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Ответ:
610.48
Step-by-step explanation:
The formula for compound interest is
A = P(1+r/n) ^nt where
A is the amount in the account
P is the principle
r is the interest rate
n is the number of times the interest is compounded per year
t is the time in years
A = 500(1+.05/12) ^12*4
A = 500(1+.0041666666) ^48
A = 500(1.0041666666) ^48
A = 500*1.220895355
A =610.4476775
Rounding to the nearest cent
A = 610.48
Ответ:
c
Step-by-step explanation: