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Alex has obtained $1,000 and he takes it to the bank where the account is compounded monthly at 5%. He will leave it for 10 years. How much money will he have after 10 years?
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Alex has obtained $1,000 and he takes it to the bank where the account is compounded monthly at 5%. He will leave it for 10 years. How much money will he have after 10 years?
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Nov 23, 2017
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Alex has obtained $1,000 and he takes it to the bank where the account is compounded monthly at 5%. He will leave it for 10 years. How much money will he have after 10 years?
Mathematics
middle-school
Azgolfer
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Answer:
$1,647,01
Explanation:
Holm
answered
Nov 24, 2017
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Holm
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A = P(1 + R/N) to the power of nt
where A = amount
P=principal
R= rate
N= number of times per year interest is compounded
and nt = time in a year
1000( 1 + 5%/12) to the power of 10 = $1042.46
Langkiller
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Nov 29, 2017
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Langkiller
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