Share
Suppose you deposit $1000 in a CD paying 5% interest, compounded monthly. How much will you have in the account after 10 years? Show your so
Question
Suppose you deposit $1000 in a CD paying 5% interest, compounded monthly. How much will you have in the account after 10 years? Show your solutions
in progress
0
Mathematics
4 years
2021-08-01T05:18:47+00:00
2021-08-01T05:18:47+00:00 1 Answers
8 views
0
Answers ( )
Answer:
A = $1647.01
General Formulas and Concepts:
Pre-Algebra
Algebra I
Compounded Interest Rate Formula:
Step-by-step explanation:
Step 1: Define variables
P = 1000
r = 5% = 0.05
n = 12
t = 10
Step 2: Solve