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anonymous

  • 5 years ago

Calculate the total amount in an account if you invest $5ooo for the course of 10 years. Compounded monthly paying 5% annually

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  1. anonymous
    • 5 years ago
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    use compound interest formula.

  2. anonymous
    • 5 years ago
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    A=5000(1+0.05)^10

  3. anonymous
    • 5 years ago
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    it is compounded monthly, so it is compounded 12 times a year, which means it is compounded 120 times totally.

  4. anonymous
    • 5 years ago
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    over ten years.

  5. anonymous
    • 5 years ago
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    I miss monthly than A=5000(1+0.05/12)^(10*12)

  6. anonymous
    • 5 years ago
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    so I have 1.00416666 to the 120th power and then I multyiply that answer by 5000?

  7. anonymous
    • 5 years ago
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    yes.

  8. anonymous
    • 5 years ago
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    ty:)

  9. anonymous
    • 5 years ago
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    you are welcome. you should get 8235.5 or something.

  10. anonymous
    • 5 years ago
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    ok, finally got the same thing, calc. kept fading out...

  11. anonymous
    • 5 years ago
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    oh. you seem to be on the internet. copy 5000(1+0.05/12)^(10*12) and paste it in google and press enter. google has a built-in calculator.

  12. anonymous
    • 5 years ago
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    oh, thanks, didn't know about that!

  13. anonymous
    • 5 years ago
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    you're welcome. next time charge runs out in calculator, there is always google, and wolfram alpha.

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