Robby9488 Robby9488

20-07-2020
Mathematics

contestada

Jimmie invested $13,000 at 5.23% compounded monthly.

What will Jimmie's account balance be in 42 years?

Respuesta :

ronhagrid310 ronhagrid310

20-07-2020

Answer:

116370.197$

Step-by-step explanation:

Jimmie invested $13,000 at 5.23% compounded monthly.

Jimmie's account balance (B) after 42 years:

B = principal x (1 + rate)^time

= 13000 x (1 + (5.23/100)/12)^(42 x 12)

= 116370.197$

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