LaurielleB465609 LaurielleB465609
  • 25-10-2022
  • Mathematics
contestada

You invest $25,000 into an account earning 7.8% interest compounded monthly. How much is inthe account after 14 years.

Respuesta :

CaraghI150340 CaraghI150340
  • 25-10-2022

P = $25000

R = 7.8%

t = 14

Therefore,

[tex]A=P(1+\frac{r}{n})^{nt}[/tex][tex]\begin{gathered} A=25000(1+\frac{0.078}{12})^{12\times14} \\ A=25000(1+0.0065)^{168} \\ A=25000(1.0065)^{168} \\ A=25000\times2.96971593784 \\ A=\text{ \$}74242.898446 \\ A=\text{ \$}74242.898446 \\ A=\text{ \$}74,242.90 \end{gathered}[/tex]

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