Question

Kyle invested $15,000 in a savings account. If the interest rate is 5% per year, how much will be in the account in 10 years for monthly compounding? Round your answer to two decimal places.

Answer 1

Answer:

Kyle invested $15,000 in a savings account.

The interest rate is 5% per year.

After 10 years for monthly compounding, the amount of money Kyle has:

A = principal x (1 + rate/12)^(year x 12)

A = 15000 x (1 + (5/100)/12)^(10 x 12)

   = 15000 x 1.004167^120

   = 24705.1425$

Hope this helps!

:)

Answer 2

Answer:

24705.1425$

Step-by-step explanation:

there ya go