If you invest $6800 in a fund that pays 10% annual interest compounded monthly (12...

60.1K

Verified Solution

Question

Basic Math

image

If you invest $6800 in a fund that pays 10% annual interest compounded monthly (12 times per year), how much will you have after 9 years?Use the formula for compound interest: A=P(1+r)ntYou will have $ in your account after 9 years.(Do not round until the final answer. Then round to the nearest cent as needed.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students