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Concept explainers
Find the final amount will get after 10 years.
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Answer to Problem 50SGR
The final amount after 10 years will be $3053.
Explanation of Solution
Given:
Find the final value of $2500 invested at an interest rate 2% compounded monthly for 10 years.
Concept Used:
Compound Interest Formula:
A = amount accumulated
P = Principal
R = interest rate
N = compounding per period
T = number of period in years.
Calculation:
$2500 into an account with a 2 % interest rate compounded monthly for 10 years.
Compound Interest Formula:
Thus, the final amount after 10 years will be $3053.
Chapter 9 Solutions
Algebra 1
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