Register
suppose you invest $5000 at an annual interest rate of 6.9%, compounded monthly. how much will you have in the account after 10 years?
39.2k views
0 votes
suppose you invest $5000 at an annual interest rate of 6.9%, compounded monthly. how much will you have in the account after 10 years?

User Sonida
by
8.9k points

1 Answer

4 votes
Hey :)

Compounded continuously:

5000 * e^(10*(6.9/100)) = 9968.58

Difference to the answer above is:

9948.90 - 9968.58 = 19.68

The answer is $19.68

Hope this helps!
User Thomas Koelle
by
8.7k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Link Copied!