SOLUTION: if $20000 is deposited into an account earning an annual rate of 8% compounded monthly, how much would be in the account in ten years?

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: if $20000 is deposited into an account earning an annual rate of 8% compounded monthly, how much would be in the account in ten years?      Log On


   

Question 1185575: if $20000 is deposited into an account earning an annual rate of 8% compounded monthly, how much would be in the account in ten years?
Answer by ikleyn(52839) About Me  (Show Source):
You can put this solution on YOUR website!
.

     Future value = 20000%2A%281%2B0.08%2F12%29%5E%2812%2A10%29 = 44392.80  dollars.    ANSWER

Solved.

----------------

For all details and explanations,  look into these two lessons
    - Compound interest percentage problems
    - Problems on discretely compound accounts
in this site, and learn the subject from there.


After reading these lessons,  you will tackle such problems on your own without asking for help from outside.

Also,  you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lessons are the part of this online textbook under the topic "Logarithms".


Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.


Happy learning (!)