SOLUTION: A family invests $6000 in an account paying 9% compounded monthly. how much is in the account after 10 months ?
Algebra.Com
Question 827077: A family invests $6000 in an account paying 9% compounded monthly. how much is in the account after 10 months ?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A family invests $6000 in an account paying 9% compounded monthly. how much is in the account after 10 months ?
--------------------
A(t) = P(1+(r/n))^(nt)
-------
A(10/12) = 6000(1+(0.09/12))^(12(10/12))
-------
A(10/12) = 6000(1.0075)^10 = $6465.50
================================
Cheers,
Stan H.
=========================
RELATED QUESTIONS
A family invests $6000 in an account paying 9% compounded monthly. how much is in the... (answered by rfer)
A family invests $5000 in an account paying 6% compounded monthly. how much is in the... (answered by rfer)
A FAMILY INVESTS $6000 IN AN ACCOUNT PAYING 9% COMPOUNDED MONTHLY.HOW MUCH IS IN THE... (answered by stanbon)
Brad invests $3700 in an account paying 3% compounded monthly. How much is in the account (answered by Theo)
brad invests 6600 in an account paying 6% compounded monthly how much is in the account... (answered by greenestamps)
A FAMILY INVEST SIX THOUSAND DOLLARS IN AN ACCOUNT PAYING THREE PERCENT COMPOUNDED... (answered by mananth)
A couple invests $3400 in an account paying 4% compounded quartely. How much is in the... (answered by ewatrrr)
jasmine invests 7500 in an account paying 1.35 interest compounded monthly. How much is... (answered by stanbon)
How much should be deposited in an account paying 2.5% interest, compounded quarterly, in (answered by rfer)