nelsonr684 nelsonr684
  • 08-07-2017
  • Mathematics
contestada

How much would $500 invested at 5% interest compunded monthly be worth after 4 years? Round amswer to nearest cent

Respuesta :

Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 08-07-2017
The formula is
A=p (1+r/k)^kn
A future value?
P present value 500
R interest rate 0.05
N time 4 years
K compounded monthly 12

A=500×(1+0.05÷12)^(12×4)
A=610.45
Answer Link

Otras preguntas

Hey guys please help with both
Steve makes the tree diagram shown to find the possible outcomes of tossing a penny, a nickel, and a dime. What is the probability that ALL three coins land
How does the author use imagery to describe the town and what mood does this describe create?
A circle has a circumference of 2500 Pi what is the radius of the circle
How many triangles can I make with side lengths of 15 in, 7 in, and 4 in?
Please help me with this I’m stupid?
What does the “iron curtain” refer to?
need help plz!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
If one of the legs of a right triangle is 4 in and the hypotenuse is 8 in, find the length of the other leg (use a calculator if necessary). Can you guess the m
the mass of a dust particle is approximately 7.5 × 10^-10 kilograms and the mass of an eletron is 9.1×10^-31 kilograms.Approximately how many electrons have th