2. A bank account has $10,000 in it. The account pays a 6% interest rate compounded monthly. What was the principal amount in the account if it was opened 4 years ago?

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asked Aug 20, 2024 177k views

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2. A bank account has $10,000 in it. The account pays a 6% interest rate compounded monthly. What was the principal amount in the account if it was opened 4 years ago?

Mathematics
high-school

Mosty Mostacho asked

by Mosty Mostacho

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Answer:

An investment of $10000 today invested at 6% for five years at simple interest will be $13,000.

Archgoon answered Aug 26, 2024

by Archgoon

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