josiah181
contestada

1. Kate deposits $2,350 in an account that earns interest at a rate of 1.1%, compounded
monthly. What is her ending balance after 5 years? Round to the nearest cent.

B = P (1+5) "
P =
r =
n =
t =

1 Kate deposits 2350 in an account that earns interest at a rate of 11 compounded monthly What is her ending balance after 5 years Round to the nearest cent B P class=

Respuesta :

olayemiolakunle65

Answer:

$454220

Step-by-step explanation:

Given: B = P[tex](1 + \frac{r}{n} )^{nt}[/tex]

But, B is the future amount

      P is the present amount = $2350

      r is the rate = 1.1%

     n is the number of compounding per year = 12

     t is the number of years = 5

So that;

B = 2350[tex](1+\frac{1.1}{12}) ^{12*5}[/tex]

  = 2350[tex](1.0917)^{60}[/tex]

B = 2350 x 193.2852

  = 454220.22

B = $454220

Thus, her ending balance after 5 years is $454220.