Ask Question
16 September, 21:46

Principal: $5000

Interest Rate: 3.75%

Time: 25 years

Compounded Monthly

State the future account balance.

+2
Answers (2)
  1. 16 September, 21:55
    0
    312897158.8

    or to 3 significant figures, 313000000

    Step-by-step explanation:

    5000 (1 + (3.75/100)) ^25*12

    x12 as it says compounded monthly
  2. 16 September, 22:07
    0
    Answer:I believe I did this wrong but I got 126,343.75

    Step-by-step explanation:

    I divided 5000 by 100 to get the percentage then I multiplied the answer by 3.75 for the interest rate then I multiplied that answer by 25 then I multiplied 5000 by 25 and added them together
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Principal: $5000 Interest Rate: 3.75% Time: 25 years Compounded Monthly State the future account balance. ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers