SOLUTION: Suppose you deposit $10,000 into a savings account with 3.5% compound interest compounded each month. Find the account balance in 50 years. Round the answer to the nearest thousand
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Question 935653: Suppose you deposit $10,000 into a savings account with 3.5% compound interest compounded each month. Find the account balance in 50 years. Round the answer to the nearest thousand dollars. Answer by TimothyLamb(4379) (Show Source):
You can put this solution on YOUR website! compound-interest formula:
v = p( 1 + (r/n) )^(nt)
where:
v = final value
p = initial (principal) value
r = interest rate (as a decimal)
n = number of compounding periods per year
t = number of years
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v = 10000( 1 + (0.035/12) )^(12*50)
v = 57399.66
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answer:
the account balance in 50 years = 57399.66 ...
rounding to nearest thousand dollars, 57000
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