ibahouse200320 ibahouse200320

13-11-2020
Mathematics

contestada

A principal of $7,854 is placed in an account that earns 6% interest. If the interest is compounded monthly, how much money will be in the account at the end of 22 years?

Respuesta :

janiceminjaofficial janiceminjaofficial

15-11-2020

Answer:

$124407.36

Step-by-step explanation:

Simple interest formula: I = P x R x T / 100

22 x 12 months = 264 months (=22 years)

7854 x 6 x 264 / 100 = $124,407.36

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