Got Homework?
Connect with other students for help. It's a free community.
Here's the question you clicked on:
 0 viewing
Find the amount if $800 is invested at 5% compounded monthly for 10 months.
 5 months ago
 5 months ago
Find the amount if $800 is invested at 5% compounded monthly for 10 months.
 5 months ago
 5 months ago

This Question is Closed

GhostgateBest ResponseYou've already chosen the best response.0
Alright so if you go to a bank put in $800 and it has a 5% interest per month for 10 months here's how you find the answer: (Scroll down to the bottom to get your answer if you don't want to know the entire process to get this answer) First you got to find the number that is 5% of $800. This can be done like so: $800 / 5 = $160 which is 5% of $800. $800 + 16 = $960 for $800 being in the bank for 1 month. Next you got to find the number that is 5% of 960. This can be done like this: $960 / 5 = 192 which is 5% of $960. $960 + 192 = $1,152 for $800 being in the bank for 2 months. Next you got to find the number that is 5% of 1,152 now. This can be done like this: $1,152 / 5 = 230.2 which is 5% of $1,152. $1,152 + 230.4 = $1,382.4 for $800 being in the bank for 3 months. I will speed this up for you now: $1,382.4 / 5 = 276.48(5% of 1,382.4) $800 in for 4 months = $1,658.88 $1,658.88 / 5 = 331.776 $800 in for 5 months = $1,990.656 $1,990.656 / 5 = 398.1312 $800 in for 6 months = $2,388.7872 $2,388.7872 / 5 = 477.75744 $800 in for 7 months = 2,866.54464 $2,866.54464 / 5 = 573.308928 $800 in for 8 months = $3,439.853568 3,439.853568 / 5 = 687.9707136 $800 in for 9 months = $4,127.8242816 $4,127.8242816 / 5 = 825.56485632 Finally if $800 dollars was in for 10 months your answer would be(If my math is correct): $4,953.38913792 Estimated(by tenths): $4,953.4 Estimated(by units): $4,953 dollars. Hope this helps! G'day!
 5 months ago

GhostgateBest ResponseYou've already chosen the best response.0
Also here's how I broke down the answer. If you want to know how I found 5% of a number so easily take 100 for example and if you divide it by 5 you get 20 and if 20 is multiplied by 5 you get 100. Its a pretty simple way to get your answer. So keep that in mind. Also sorry if this is wrong or for the mistake I made: Instead of putting 160 I put 16 by accident.
 5 months ago

Euler271Best ResponseYou've already chosen the best response.0
all of these answers are wrong.
 5 months ago

Euler271Best ResponseYou've already chosen the best response.0
\[F = P(1 + \frac{ r }{ n })^{nt}\] F = Future value after t periods P = Present value (initial investment) r = annual nominal interest rate (not reflecting the compounding) n = number of times the interest is compounded per year t = number of years the money is borrowed for this was copy/pasted from Wikipedia. unless stated otherwise, the interest is assumed yearly. in this case, you would use what mathman said. however this is a monthly rate. \[F = 800(1 + \frac{ 0.05 }{ 12 })^{12*\frac{ 10 }{ 12 }} = $833.97\]
 5 months ago

Euler271Best ResponseYou've already chosen the best response.0
correcting unclear sentence: unless stated otherwise, the interest rate is assumed to be yearly. in the case where it is yearly, you would use the formula mathman used
 5 months ago

jadeleeperBest ResponseYou've already chosen the best response.0
all of these are wrong..
 5 months ago

jadeleeperBest ResponseYou've already chosen the best response.0
find he amount after 6 years if $800 is invested at 17% compounded annually
 5 months ago

mathman806Best ResponseYou've already chosen the best response.0
800*1.17=936*1.17=1095.12*1.17=1281.29*1.17=1499.11*1.17=1753.96*1.17= 2052.13
 5 months ago
See more questions >>>
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.