Growth and Decay: Find the final value of $2500 invested at an interest rate of 2% compound monthly for 10 years.
+130477 Growth and Decay: Find the final value of $2500 invested at an interest rate of 2% compound monthly for 10 years.
A = 2500(1 + .02/12)(10*12)
Where
A = The accumulated amount after some period - in this case, 10 years
2500 = the orginal principal
.02 = the interest rate expressed as a decimal
12 = the compoundings per year
10 = the number of years
Evaluating this, we have about $3053 after 10 years.
+130477 Growth and Decay: Find the final value of $2500 invested at an interest rate of 2% compound monthly for 10 years.
A = 2500(1 + .02/12)(10*12)
Where
A = The accumulated amount after some period - in this case, 10 years
2500 = the orginal principal
.02 = the interest rate expressed as a decimal
12 = the compoundings per year
10 = the number of years
Evaluating this, we have about $3053 after 10 years.
