Kevin deposits $10,000 in a savings deposit paying 6%, compounded monthly. What amount would he have at the end of ten years?
Please show work
We use the formula:
A=P(1+r/12)^12n
where
A=future value
P=present value
r=rate of interest
n=time period.
Hence
A=$10000*(1+0.06/12)^(12*10)
=$10000*1.819396734
=$18193.97(Approx).
Kevin deposits $10,000 in a savings deposit paying 6%, compounded monthly. What amount would he have...
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