Question

50,000 invested at a rate of 3% compounded monthly; 6years

Answer 1

Explanation:

total amount of compounding times = 6x12 as it is compounded per month = 72.

Each month interest = 3/12 = 0.25 percent, therefore the multiplier = 1.0025

Amount after 6 years = 50000 x 1.0025^72 = 59847.42

Answer 2

answer!!!

so basically:

To calculate the compound interest earned on an investment of $50,000 at a rate of 3% compounded monthly over a period of 6 years, we can use the formula:

A = P(1 + r/n)^(nt)

Where:

A = the final amount after compounding

P = the principal amount (initial investment)

r = annual interest rate (as a decimal)

n = number of times interest is compounded per year

t = time in years

In this case, we have:

P = $50,000

r = 3% = 0.03 (as a decimal)

n = 12 (compounded monthly)

t = 6 years

Plugging in these values into the formula, we get:

A = $50,000(1 + 0.03/12)^(12*6)

Calculating this, we find that the final amount after compounding is approximately $59,575.69.

To find the compound interest earned, we subtract the initial investment from the final amount:

Compound Interest = $59,575.69 - $50,000 = $9,575.69

Therefore, the compound interest earned on an investment of $50,000 at a rate of 3% compounded monthly over 6 years is $9,575.69.

my 400th answer WOAAAAAAAHHHHH - aydn