Question

how much will you have after 10years with $2,500 principal earning 6% , compounded monthly ? Round to the nearest cent .

Answer 1

Step-by-step explanation:

Given the following:

Principal (P) = $2,500

Rate (R) = 6% = 0.06

Time (T) = 10 years

The Compound Interest is:

`I=P(1+R)^T`