$5000 Invested At Ann Rate Of 6.9% Compounded Monthly After 10 Years Will Be What Amount?
I don't understand the monthly compound interest formula.
Answer:
P= 5000
A = ?
N = 12(compounded monthly)
r = 6.9 = 0.069
t= 10
A=P(1+r/n)^(n*t)
A = 5000(1+[0.069/12])^[12*10]
= 5000(1.00575)^120
=5000(1.9897795)
A = 9948.8974
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Answer:
P= 5000
A = ?
N = 12(compounded monthly)
r = 6.9 = 0.069
t= 10
A=P(1+r/n)^(n*t)
A = 5000(1+[0.069/12])^[12*10]
= 5000(1.00575)^120
=5000(1.9897795)
A = 9948.8974
Resolved Questions:
Eighth Grade Math: What Is The Formula For This Problem: 37% Of What...
Trying to help my eighth grader with his math homework and can't remember much of it 37% of 200 equals 74. You can help using 37% times x = 74. Tell him/her that OF way to multiply and whenever...
How Do You Solve This Problem? X Squared+5x+6=0
There are several ways to solve a quadratic equation. I think one of the easiest is to factor it. Consider this: (x+a)(x+b) = x 2 + (a+b)x + ab This suggests you want to find two numbers (a and b) whose product is 6 and...
How Many Times Does The Number 9 Appear Within Whole Numbers Between...
If you count 99 as a double appearance, there are 20. 9, 19, 29, 39, 49 , 59, 69, 79, 89 90, 91, 92, 93, 94, 95, 96, 97, 98, 99