SOLUTION: James deposits $6000 into a savings account which pays 1% per annum. If the account compounds monthly, find the amount in the account after 10 years.

Algebra ->  Exponential-and-logarithmic-functions -> SOLUTION: James deposits $6000 into a savings account which pays 1% per annum. If the account compounds monthly, find the amount in the account after 10 years.       Log On


   

Question 981310: James deposits $6000 into a savings account which pays 1% per annum. If the account compounds monthly, find the amount in the account after 10 years.
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
P=Po{1+r/n}^nt, and r=0.01; n=12, nt=120
P=6000{1+(.01)/12}^120=
P=6630.75. Round at the end