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Chapter 9: Q50. (page 595)

Find the final value$2500invested at an interest rate2%compounded monthly 10 year.

Short Answer

Expert verified

The final amount after 10 years will be$3053.

Step by step solution

01

Step 1. Write the compound interest equation.

The compound interest equation is given by:

A=P(1+rn)nt, where A is the amount, P is the principal amount, ris the rate of interest, tis the time.

02

Step 2. Substitute the values. 

$2500is invested for 10 years with a 2%interest rate compounded monthly.

Substitute 2500 for P, 2 for r, 12 for n, and 10 for t into the formula A=P(1+rn)nt.

role="math" localid="1647769231173" A=P1+rnn鈥�路鈥�t=2500脳1+0.021212鈥�脳鈥�10

03

Step 3. Simplify for A.

ASimplify the equation for .

A=P1+rnn.t=2500脳1+0.021212鈥�脳鈥�10=2500脳12.0212120=$3053

Thus, the final amount after 10 years will be $3053.

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