emmanuelabad351 emmanuelabad351

26-03-2020
Mathematics

contestada

How much would $300 invested at 6% interest compounded monthly be worth after 10 years?

Respuesta :

Sally2020 Sally2020

27-03-2020

Answer:

$545.82

Step-by-step explanation:

Fomulas S=P(1+i)^n

given P=600

j=6%

m=12

t=10 yrs

find S=? Future value

i=j/m, i=(6/100)/12

n=m x t, n= 12x10--> n=120

S=P(1+i)^n

S=300x(1+0.06/12)^120

S=$545.82

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