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25-05-2022
Mathematics

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You deposit # 100 in a savings account that earns 6% annual interest compounded monthly. What
the balance after 5 years.

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Аноним Аноним

25-05-2022

Answer:

$134.89.

Step-by-step explanation:

Monthly interest = 0.06/12 and its for 5*12 months.

Amount after 5 years = 100(1 + 0.06/12)^(5*12)

= 100(1 + 0.06/12)^60

= $134.89

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