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4. A savings account is started with $10,000. Calculate the current value of the account in 5 years for both of the following scenarios. (a) Interest is earned at a rate of 2.3% and is compounded monthly,
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Nov 15, 2022
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4. A savings account is started with $10,000. Calculate the
current value of the account in 5 years for both of the
following scenarios.
(a) Interest is earned at a rate of 2.3% and is compounded
monthly,
Mathematics
college
Brandon Hansen
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Answer:
$1217.50
Explanation:
Given:
Principal P = $10000
Interest rate r = 2.3% = 0.023
Compound number n = 12
Time t = 5 years
Interest amount is:
I = P(1+ r/n)^(nt) - P
I = 10000(1 + 0.023/12)^60 - 10000 = $1217.50
Dennis Kiesel
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Nov 20, 2022
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Dennis Kiesel
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