addy3316 addy3316
  • 08-04-2020
  • Mathematics
contestada

You deposit $500 that pays 4.44% Interest monthly, how much do you have in your account after 20 years?

Respuesta :

qop
qop qop
  • 08-04-2020

Answer:

$1,213.14

Step-by-step explanation:

You are going to want to use the compound interest formula, which is shown below.

[tex]P(1+\frac{r}{n} )^{nt}[/tex]

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

Now lets plug in the values into the equation:

[tex]500(1+\frac{.0444}{12})^{20(12)}[/tex] = 1,213.14

Your answer is $1,213.14.

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