Question
Kaya deposits $25,000 into an account that earns 3% interest compounded monthly. How much does Kaya's have in the account after 6 years 8 months? Round to the nearest cent. © $32,912.50 O $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's have in the account after 6 years 8 months? Round to the nearest cent. © $32,912.50 O $30.000 © $29.923.71 © $30.527.45
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4.593 Answers
1. Start with the given principal amount:
P = 25000
2. Identify the annual interest rate and convert it to a decimal:
r = 0.03
3. Number of compounding periods per year:
n = 12
4. Convert the total investment time into years:
t=6+\frac{8}{12}=6+0.6667=6.66667
5. Plug these values into the compound interest formula:
A=25000\left(1+\frac{0.03}{12}\right)^{12\times6.66667}=30527.45
The answer is approximately (in dollars)30527.45
2. Identify the annual interest rate and convert it to a decimal:
3. Number of compounding periods per year:
4. Convert the total investment time into years:
5. Plug these values into the compound interest formula:
The answer is approximately (in dollars)
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