lakishabellamy211
lakishabellamy211 lakishabellamy211
  • 04-01-2021
  • Mathematics
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You deposit $6000 in an account earning 2% interest compounded monthly How much will you have in the account in 10 years ​

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afualuvappiah20
afualuvappiah20 afualuvappiah20
  • 04-01-2021

The amount is $7327.49 and the interest is $1327.49.

Explanation:

STEP 1: To find amount we use formula:

A = total amount

P = principal or amount of money deposited,

r = annual interest rate

n = number of times compounded per year

t = time in years

In this example we have

After plugging the given information we have

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