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Chapter 5: Q. 8 (page 324)

Find the amount that results from each investment, $50 invested at 6% compounded monthly after a period of 3 years.

Short Answer

Expert verified

The amount is $59.83

Step by step solution

01

Step 1. Given information

The Principal investment, $P = $ 50$

The rate of interest is expressed as a decimal, $r = 6 % = \frac{6}{100} = 0.06$

The time period, $t = 3$

The investment compounded monthly, $n = 12$

02

Step 2. Use Compound interest formula

The amount $A$ after $t$ years due to a principal $P$ ,at a annual rate $r$ compounded $n$ times per year,role="math" localid="1647108907550" $A = P {(1 + \frac{r}{n})}^{n t}$

03

Step 3. Calculation

Substitute the given values in $A = P {(1 + \frac{r}{n})}^{n t}$

$A = P {(1 + \frac{r}{n})}^{n t} A = $ 50 {(1 + \frac{0.06}{12})}^{12 \times 3} A = $ 50 {(1.005)}^{36} A = $ 50 (1.196) A = $ 59.83$

The amount is $59.83

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Most popular questions from this chapter

If $f (7) = 3$ and f is one-to-one, what is $f^{- 1} (13)$ ?

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Answers are given at the end of these exercises. If you get a wrong answer, read the pages listed in red.

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