Concept explainers
Find the amount Lynne will get after 10 years.
Answer to Problem 25PT
Lynne will get after 10 years $956.09. Option H is correct choice.
Explanation of Solution
Given:
Lynne invested $500 into an account with a 6.5 % interest rate compounded monthly.
Concept Used:
Compound Interest Formula:
A = amount accumulated
P = Principal
R = interest rate
N = compounding per period
T = number of period in years.
Calculation:
Lynne invested $500 into an account with a 6.5 % interest rate compounded monthly.
Compound Interest Formula:
Thus, Lynne will get after 10 years $956.09. Option H is correct choice.
Chapter 9 Solutions
Algebra 1
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