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2 years ago

How much would $500 invested at 6% interest compounded monthly be worth after 5 years? round your answer to the nearest cent.

2 answers:

8 0

Use this formula: A = P(1 + r/n)^nt, where A is the amount after interest (what you are solving for), P is the amount you invested originally, r is the rate at which it was invested in decimal form, n is the number of times the compounding occurs each year, t is the time in years it is invested. It would look like this: A = 500(1 + [.06/12])^12*5. Do inside the parenthesis first to get 1 + .005 = 1.005. Now raise that to the 60th power (12 times 5 is 60) to get 1.34558. Now multiply that by the 500 out front to get a total amount of $674.43

GenaCL600 [577]2 years ago

5 0

Answer- $674.43

Step-by-step explanation:

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2 years ago

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Check the picture below.

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2 years ago

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2 years ago

29. March sales accounted for 1/7 of the total number of jazz records sold all year. About how many jazz records were sold all y

enot [183]

The March sales of Jazz records is an illustration of proportions, and the number of jazz records sold all year is 7x

<h3>How to determine the total number of sales?</h3>

The sales in March is given as:

Proportion = 1/7

Let the actual number of sales in the month of March be x, and the total sales in the year be y.

So, we have:

1/7 * y = x

Make y the subject

y =7x

Hence, the number of jazz records sold all year is 7x