64,524 views
37 votes
37 votes
The formula for compound interest is A=P(1+)"where n is the number of times interest is compounded per year. Jamal invests $3000 in an account that pays annual interest at a rate of 5%, compounded monthly. How much money will be in the account after 6 years? 3 of 5 QUESTIONS O A=3000(1+.05)=$4020.29 А O A=3000(1+0.05)=3153.16 O A =300017 3:35:12283542.24 O A =3000+ 0.05)2 =54047.05​

User Mayowa
by
3.0k points

2 Answers

14 votes
14 votes

Answer: 4047.053232

Equation: y=3000(1.0041)[to the power of 72]

User Quintin B
by
3.2k points
9 votes
9 votes

Answer:

$4047.05

Explanation:

A = 3000[1 + (.05/12)]^12·6

A = 3000(1.00417)^72

A = 4047.05

User IBelieve
by
3.2k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.