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Amber deposited $1400 into an account that pays 5% interest compounded monthly. How much will Amber have in her account after 10 years?
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3 votes
Amber deposited $1400 into an account that pays 5% interest compounded monthly. How much will Amber have in her account after

10 years?

User Alex Theedom
by
9.3k points

2 Answers

6 votes

Explanation:


total \: months \: = 12 * 10 = 120 \\ 5\%of \: 1400 = 70 \\ so \: 120 * 70 = 8400 \\ total = 1400 + 8400 = 9800 \: dollar \\ thank \: you

User Mostafiz
by
7.7k points
5 votes

Answer:

1400 divided by 5 = 280 times 10 = 2800.

Explanation:

User Jordan Jambazov
by
7.9k points
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