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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?

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?
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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
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1 Answer

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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
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