Question 31329
Compounded monthly:
a=P(1+r)^t
p=initial amount
a=increased amount
r= rate
t=time
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a=P(1+r)^t
a=(14000)(1.07)^10
about $27,540.12
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compounded monthly:
a=P(1+r/n)^nt
same principles, but you have to deal with compounded as well
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a=P(1+r/n)^nt
a=(14000)(1+0.0685/12)^(120)
about $27,718.77
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COMPOUNDED MONTHLY GIVES YOU MORE!