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clamin

  • one year ago

PLEASE HELP!! MEDAL!! You put $5000 in a savings account which earns compound interest at a rate of 0.5% per month. If you dont make any deposits or withdrawls, how much will you have in your account in 30 years ( 360 months)? Round your answer to the nearest whole cent. a.$21,609.71 b.$5807.00 c.$22,324.85 d.$30,112.88

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  1. anonymous
    • one year ago
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    Here is the compound interest formula: A=P(1+rn)nt A = Amount at maturity P = Principal Amount = $5,000 r = Annual interest rate in decimal = 12*.5 = 6%. In decimal: 0.06 n = compounding period (compounded how many times a year) = 12 t = years invested = 30 A=5,000(1+0.0612)12∗30=5,000(1.005)360=$30,112.88

  2. anonymous
    • one year ago
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    So your answer would be D.

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