Homework Help is Here – Start Your Trial Now!
Math
Algebra
Gabe deposits $7,000 in a certificate of deposit. The annual interest rate is 4%, and the interest will be compounded monthly. How much will the certificate be worth in 5 years? Round your answer to two decimal places. Provide your answer below:

Gabe deposits $7,000 in a certificate of deposit. The annual interest rate is 4%, and the interest will be compounded monthly. How much will the certificate be worth in 5 years? Round your answer to two decimal places. Provide your answer below:

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 16E
See similar textbooks
icon
Related questions
Question
Question Gabe deposits $7,000 in a certificate of deposit. The annual interest rate is 4%, and the interest will be compounded monthly. How much will the certificate be worth in 5 years? Round your answer to two decimal places. Provide your answer below:
Transcribed Image Text:Question Gabe deposits $7,000 in a certificate of deposit. The annual interest rate is 4%, and the interest will be compounded monthly. How much will the certificate be worth in 5 years? Round your answer to two decimal places. Provide your answer below:
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Elementary Algebra
Elementary Algebra
Algebra
ISBN:
9780998625713
Author:
Lynn Marecek, MaryAnne Anthony-Smith
Publisher:
OpenStax - Rice University
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS