Question

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?

Answer 1

$1,647,01

Explanation:

Answer 2

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