• clamin
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
  • Stacey Warren - Expert
Hey! We 've verified this expert answer for you, click below to unlock the details :)
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
  • chestercat
I got my questions answered at in under 10 minutes. Go to now for free help!
  • anonymous
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
  • anonymous
So your answer would be D.

Looking for something else?

Not the answer you are looking for? Search for more explanations.