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Mathematics
02.05.2021 06:13
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Find the amount of money in an account after 7 years if $1900 is deposited at 5%

Find the amount of money in an account after 7 years if $1900 is deposited at 5% annual interest compounded monthly
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keith1577621
keith1577621
4,5(95 marks)
\bf ~~~~~~ \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\quad 
\begin{cases}
A=\textit{accumulated amount}\\
P=\textit{original amount deposited}\to &\$1900\\
r=rate\to 5\%\to \frac{5}{100}\to &0.05\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{monthly thus twelve}
\end{array}\to &12\\
t=years\to &7
\end{cases}
\\\\\\
A=1900\left(1+\frac{0.05}{12}\right)^{12\cdot 7}\implies A=1900\left( \frac{241}{240} \right)^{84}
chrisd2432
chrisd2432
4,8(1 marks)
A. 1038+a1368 and yes 12

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