Kimmi8436 Kimmi8436

05-10-2021
Mathematics

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David deposited $400 in his account. If his bank offers 2.5% interest compounded monthly, how much will be in his account in 7 years?

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sandhyap88 sandhyap88

06-10-2021

Answer:

to make it easier let's convert the rate in year

so it will be (2.5×12)

we gotta find CA(compound amount)

P=PRINCIPAL=$400

R=RATE=(2.5×12)%

T=TIME=7 years

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