anonymous
  • anonymous
Calculate the total amount in an account if you invest $5ooo for the course of 10 years. Compounded monthly paying 5% annually
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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anonymous
  • anonymous
use compound interest formula.
anonymous
  • anonymous
A=5000(1+0.05)^10
anonymous
  • anonymous
it is compounded monthly, so it is compounded 12 times a year, which means it is compounded 120 times totally.

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anonymous
  • anonymous
over ten years.
anonymous
  • anonymous
I miss monthly than A=5000(1+0.05/12)^(10*12)
anonymous
  • anonymous
so I have 1.00416666 to the 120th power and then I multyiply that answer by 5000?
anonymous
  • anonymous
yes.
anonymous
  • anonymous
ty:)
anonymous
  • anonymous
you are welcome. you should get 8235.5 or something.
anonymous
  • anonymous
ok, finally got the same thing, calc. kept fading out...
anonymous
  • anonymous
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.
anonymous
  • anonymous
oh, thanks, didn't know about that!
anonymous
  • anonymous
you're welcome. next time charge runs out in calculator, there is always google, and wolfram alpha.

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