Question

Kaya deposits 25,000 into an account that earns 3% interest compounded monthly. How much does Kaya have in the account after 6 years 8 months? Round to the nearest cent. 32,912.50 30,000 29,923.71 30,527.45

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Answer to a math question Kaya deposits 25,000 into an account that earns 3% interest compounded monthly. How much does Kaya have in the account after 6 years 8 months? Round to the nearest cent. 32,912.50 30,000 29,923.71 30,527.45

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Bud
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46 Answers
To find the amount of money in the account after 6 years and 8 months, we can use the formula for compound interest:

A = P \left(1 + \frac{r}{n}\right)^{nt}

Where:
A = the future value of the investment/loan, including interest
P = the principal investment/loan amount
r = the annual interest rate (in decimal form)
n = the number of times that interest is compounded per year
t = the number of years

In this case:
P = $25,000
r = 0.03 (3% in decimal form)
n = 12 (compounded monthly)
t = 80/12 (6 years and 8 months = 72 months and 8 months = 80 month = 80/12 years)

Now we can plug in these values into the formula:

A=25,000\left(1+\frac{0.03}{12}\right)^{12\times\frac{80}{12}}
A=25,000\times(1.0025)^{80}
A=25,000\times1.22109795
A=30,527.45

Therefore, Kaya will have approximately $30527.45 after 6 years 8 months.

Answer:
30527.45

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