You deposit $6000 in an account earning 7% interest compounded monthly. How much will you have in the account in 10 years?

Question

GinnyAnswer · Answer

You will have approximately $13,374.64 in your account after 10 years with a $6000 deposit at a 7% interest rate compounded monthly. This is calculated using the compound interest formula. Make sure to use accurate values for your calculations. ;

Answered by GinnyAnswer | 2025-07-07

Anonymous · Answer

In 10 years, you will have approximately $13,374.64 in your account after depositing $6000 at a 7% interest rate compounded monthly. This is calculated using the compound interest formula, taking into account monthly compounding over the specified period. Understanding how compound interest works helps to see how investments can grow significantly over time. 
 ;

You deposit $6000 in an account earning 7% interest compounded monthly. How much will you have in the account in 10 years?

Answer (2)

Related Questions in Mathematics

[Answered] Select the correct answer. Which equation is equivalent to the given equation? [tex]$x^2-6 x=8$[/tex] A. [tex]$(x-6)^2=44$[/tex] B. [tex]$(x-3)^2=17$[/tex] C. [tex]$(x-6)^2=20$[/tex] D. [tex]$(x-3)^2=14$[/tex]

[Answered] Which phrase best describes the translation from the graph [tex]y=6 x^2[/tex] to the graph of [tex]y=6(x+1)^2[/tex]? A. 6 units left B. 6 units right C. 1 unit left D. 1 unit right

[Answered] What expression is equivalent to [tex]$\left(5 z^2+3 z+2\right)^2$[/tex] ? A. [tex]$5 z^4+3 z^2+4$[/tex] B. [tex]$5 z^4+9 z^2+4$[/tex] C. [tex]$25 z^4+30 z^3+19 z^2+12 z+4$[/tex] D. [tex]$25 z^4+30 z^3+29 z^2+12 z+4$[/tex]

[Answered] The graph of [tex]y=\frac{5}{4} x+1[/tex] is shown below. The coordinate ([tex]0, y[/tex]) is a solution of the equation. Given the [tex]x[/tex]-value of 0, what is the value of the [tex]y[/tex]-coordinate for the coordinate ([tex]0, y[/tex])? [tex]y=[/tex] [blank]

[Answered] If [tex]f(-2)=0[/tex], what are all the factors of the function [tex]f(x)=x^3-2 x^2-68 x-120[/tex]? Use the Remainder Theorem. A. [tex](x+2)(x+60)[/tex] B. [tex](x-2)(x-60)[/tex] C. [tex](x-10)(x+2)(x+6)[/tex] D. [tex](x+10)(x-2)(x-6)[/tex]