1 April, 04:55
Alex has obtained $1,000 and he takes it to the bank where the account is compounded monthly at 5%. He will leave it for 10 years. How much money will he have after 10 years?
1 April, 05:33
A = P (1 + R/N) to the power of nt
where A = amount
R = rate
N = number of times per year interest is compounded
and nt = time in a year
1000 (1 + 5%/12) to the power of 10 = $1042.46
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» Alex has obtained $1,000 and he takes it to the bank where the account is compounded monthly at 5%. He will leave it for 10 years. How much money will he have after 10 years?