jaydenalexaarias jaydenalexaarias
  • 03-02-2020
  • Mathematics
contestada

suppose your friends parents invest $10,000 in an account paying
7% compounded annually. what will the balance be after 5 years?

Respuesta :

jay40891
jay40891 jay40891
  • 03-02-2020

Answer:

$14025.52

Step-by-step explanation:

The Total amount after a compound interest can be calculated using the formula:

[tex]T = P(1 + \frac{R}{100})^{n}[/tex]

where P is the amount of deposit, R is the rate of interest, n is the duration.

Hence by substituting the values, we get:

[tex]T = 10 000(1 + \frac{7}{100})^{5}[/tex]

T = $14025.52 (nearest cent)

Answer Link

Otras preguntas

what did anna sofia nysten do after the titanic sinking
which fraction shows 32/48 in simplest form
how do you say I want a bowl of soup in spanish
what is 5.71 rounded to the nearest whole number
Three numbers are in the ratio 6:3:1, and the sum of these numbers is 420. If the first number is reduced by 50%, and the second number is increased by 42, and
What is the value of x? A right triangle with a short leg measuring 5, a long leg measuring 5, and the hypotenuse as x.A. 10 B. 5C. [tex] 2\sqrt5 [/tex]D. [tex
A 36-tooth gear turns three times. It is connected to a 12-tooth gear. How many times does the 12-tooth gear turn?
The last of Wilson's Fourteen Points called for
which fraction shows 32/48 in simplest form
Three numbers are in the ratio 6:3:1, and the sum of these numbers is 420. If the first number is reduced by 50%, and the second number is increased by 42, and