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$20,000 deposit earning 3.5% compounded monthly, after 10 years

$20,000 deposit earning 3.5% compounded monthly, after 10 years
45.8k views
2 votes
$20,000 deposit earning 3.5% compounded monthly, after 10 years

User Hitesh Somani
by
8.1k points

2 Answers

1 vote

r = 0.035

n = 12

t = 10


A = P(1+(r)/(n))^(nt) = 20,000(1+(0.035)/(12))^((12)(10)) = 20,000(1+(0.035)/(12))^(120) \\


A = \$28,366.90

User Oyabi
by
8.0k points
5 votes

Answer:

Explanation:

$20,000 deposit earning 3.5% compounded monthly, after 10 years-example-1
User Paul Mougel
by
8.2k points
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