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 ?
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A(t) = P(1+(r/n))^(nt)
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A(10/12) = 6000(1+(0.09/12))^(12(10/12))
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A(10/12) = 6000(1.0075)^10 = $6465.50
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Cheers,
Stan H.
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