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]

Answer Link

Otras preguntas

The function f(x) = 12x is used to model the cost, in dollars, of x pounds of coffee. The mathematical domain for the function is the set of real numbers. Whi
write (2b^2)^3 without exponents.
^^ the question is in the pic
the theme of patriarchal dominance in the Castle of Otranto​
What did many Americans fear communism would do to the country
Estefanía es la mayor (grande) de su grupo de clase. Question 1 with 1 blankPablo es (joven) de sus primos. Question 2 with 1 blankAdriana es (pequeña) de sus p
Sasha’s daily tips this work week were $43, $32, $65, $88, $50, and $72. Is Sasha correct in thinking that the mean accurately represents how much money she mak
What was the main goal of the native Americans that traded with the colonist
Which 17th century value is most clearly shown in Robinson Crusoe A. Being a marksman, which is shown when Crusoe of the natives with his shooting skills. B. Se
.A dress has a thirty percent discount applied and is on sale for 63 pound. What was the original price of the dress before the reduction?