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
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jainveenamrata 4 months ago
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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.

https://brainacademy.pro/question/25857212

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