gusm2756 gusm2756

22-01-2021
Mathematics

contestada

$100 into a savings account that earns 6% annual intrest compounded monthly for 5 years

Respuesta :

troyoliver13 troyoliver13

22-01-2021

Answer:

$141.94

Step-by-step explanation:

Basically multiply 100 by .06, add the answer too 100. Which gets 106.

Multiply 106 by .06 and add the answer to 106, do that 5 times(which counts as the five years) and vuala, you got your answer.

And since it said an annual

interest, then the monthly compounding doesn't matter.

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