find the balance if you deposit $2500 in an account earning 3% interest MONTHLY for 20 years. Remember: Calculate inside the par

Question

find the balance if you deposit $2500 in an account earning 3% interest MONTHLY for 20 years.

Remember: Calculate inside the parenthesis first, then the exponent (240th power), and then multiply it by 2500.

in progress 0
Khang Minh 4 years 2021-08-22T16:43:30+00:00 1 Answers 4 views 0

Answers ( )

  1. giabao
    0
    2021-08-22T16:45:01+00:00
    Reply

    Answer:

    $4515

    Step-by-step explanation:

    Given data

    Principal=$2500

    Rate= 3%

    Time= 20years

    The compound interest formula is given as

    A=P(1+r)^t

    substitute

    A=2500(1+0.03)^20

    A=2500(1.03)^20

    A=2500*1.806

    A=$4515

    Hence the final Amount is $4515

Leave an answer

Browse

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