A community for students. Sign up today!
Here's the question you clicked on:
 0 viewing
 one year ago
Mark invested $4000 in a bank with a 10% monthly interest. How much money will he have after 40 months if the interest covers the previous amount plus interest.
 one year ago
Mark invested $4000 in a bank with a 10% monthly interest. How much money will he have after 40 months if the interest covers the previous amount plus interest.

This Question is Closed

thushananth01
 one year ago
Best ResponseYou've already chosen the best response.0find the interest for the next 40 months that is 10/100 * 4000 = $400 per month for 40 months = $400 * 40= $16000 Total amount = previous amount + interest = 4000 + 16000 ?

moongazer
 one year ago
Best ResponseYou've already chosen the best response.0not that one for example during the first month I got $4200 then for the 2nd month i will have 4200*.05 = 210 4200+210= $4410 I will have $4410 in the 2nd month and so on until I arrive at 40 months

thushananth01
 one year ago
Best ResponseYou've already chosen the best response.0i think u hve to do it, one by one. since it is a compund interest>

moongazer
 one year ago
Best ResponseYou've already chosen the best response.0I got it already :) I found an online calculator that computes things like this. Anyway, thanks for the help. :)
Ask your own question
Ask a QuestionFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.