Concept explainers
The final value.
Answer to Problem 65SGR
The final value is $3053.00.
Explanation of Solution
Given information:The principal amount is $2500, rate of interest is 2% compounded monthly, number of year = 10.
Formula used: The compound interest formula is
Where, A = Total amount including interest, P = principal amount, r =annual rate of interest, n = number of compounding periods, t = the number of years.
Calculation:
In the problem given,
P = $2500, r =
The final amount is $3053.00.
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