Edward Winslow deposited $20,000.00 into a savings account paying 6% annual interest compounded monthly. What amount will be in the account

Question

Edward Winslow deposited $20,000.00 into a savings account paying 6% annual interest compounded monthly. What amount will be in the account after 6 years? How much compound interest will he have earned?

in progress 0
Ngọc Hoa 3 years 2021-08-13T14:18:35+00:00 1 Answers 3 views 0

Answers ( )

  1. kimchi2
    0
    2021-08-13T14:20:05+00:00
    Reply

    Answer:

    $28360

    Step-by-step explanation:

    Step one:

    Given data

    P=20000

    rate= 6%

    time= 6years

    Step two:

    compound interest

    A=P(1+r)^t

    substitute

    A=20000(1+0.06)^6

    A=20000(1.06)^6

    A=20000*1.418

    A=$28360

Leave an answer

Browse

Giải phương trình 1 ẩn: x + 2 - 2(x + 1) = -x . Hỏi x = ? ( )