MakaylaU761217 MakaylaU761217

03-11-2022
Mathematics

contestada

Find the total amount in the compound interest account $10000 is compounded semiannually at a rate of 11% for 20 years. (Round to the nearest cent.)

Respuesta :

EvelinnD277321 EvelinnD277321

03-11-2022

The compound interest formula is:

[tex]A=P(1+\frac{r}{m})^{mt}\begin{cases}A=amount \\ P=initialValue \\ r=interest \\ m=\#timesCompounedPerYear \\ t=years\end{cases}[/tex]

Therefore:

[tex]A=(10000)(1+\frac{0.11}{1})^{20}=80623.12[/tex]

Answer Link

Otras preguntas

Which statement explains the difference between iambic pentameter and prose best

What tone is most commonly used in magical realist literature? A. A childlike and awe-inspiring tone B. A comical and engaging tone C. An ordinary and serious t

Which is the best estimate for the quotient of 312.21 59.113? a. 5,000 b. 50 c. 5 d. 0.5

What type of balls sink and why?

How do I factor 54+27 using the GCF?

why do we not know yet if we live in multiverse

how many zeros are in the product (6×5)×10

Governments create public policy to address issues in what three main areas?

what is 480 increased by 25%. what is the new number?

Which led most directly to the Roman Republic's demise and its transition to an empire? A) consults staying in power too long B) slave revolts C) war with the E