Miguel deposits $5000 in an account earning 4% interest compounded monthly. how much will you he have in his account after 10 years? round your answer to the nearest cent. a. $7,000 b. $7,454.16 c. $7,459.12 d. $8.873.63

Then the amount of money will he have in his account after 10 years will be $7,454.16. Then the correct option is B.

What is compound interest?

Compound interest is the interest on a loan or deposit calculated based on the initial principal and the accumulated interest from the previous period.

Miguel deposits $5000 in an account earning 4% interest compounded monthly.

Then the amount of money will he have in his account after 10 years will be

We know the compound interest formula.

Where

A = amount

P = principal

r = rate of interest

t = time period (in year)

Then we have

More about the compound interest link is given below.

Then the

amountofmoneywill he have in hisaccountafter 10 years will be $7,454.16. Then thecorrectoption isB.## What is compound interest?

Compound interestis theintereston aloanordepositcalculated based on theinitial principaland theaccumulated interestfrom the previousperiod.Miguel

deposits$5000 in anaccountearning 4%interest compounded monthly.Then the

amountofmoneywill he have in hisaccountafter 10 years will beWe know the

compound interestformula.Where

A = amount

P = principal

r = rate of interest

t = time period (in year)

Then we have

More about the

compound interestlink is given below.https://brainacademy.pro/question/25857212

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