Question

Xavier deposits $10,000 in a five-year CD account that yields 5.5% interest, compounded monthly. What is his ending balance at the end of 18 years?

Answer 1

can i get help please i will ask my question here if you want to help me you can i have no points well 10 points but i can ask a question because i have to share them i will but i do not know how so can i get help

Explanation:

northc04 sorry i could not help

can i get help please

When did the Indian class system begin to change?

A) in the Hindu period

B) in the Vedic period

C) in the Aryan period

D) when people first settled the Indus River Valley

Answer 2

$26,851.54

Explanation:

Lets use the compound interest formula provided to solve this:

`A=P(1+(r)/(n) )^(nt)`

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

Our first step is to change 5.5% into a decimal:

5.5% ->
`(5.5)/(100)` -> 0.055

Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:

`A=10,000(1+(0.055)/(12))^(12(18))`

`A=26,851.54`

The ending balance after 18 years is $26,851.54