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SOLUTION: How much would $500 invested at 6% interest compounded monthly be worth after 5 years? Round your answer to the nearest cent. Do not include units in your answer.
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How much would 500 invested at 6 interest compounded class 8 maths CBSE
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- Summary of article content: Articles about How much would 500 invested at 6 interest compounded class 8 maths CBSE How much would $500 invested at 6% interest compounded monthly be worth after years, A(t)=P(1+rn)nt? Answer. Verified. 148.2k+ views. …
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How much would 500 invested at 6 interest compounded continuously be worth after 5 years? – Answers
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- Summary of article content: Articles about How much would 500 invested at 6 interest compounded continuously be worth after 5 years? – Answers If the 6% is compounded annually, then in 5 years, your $500 becomes 500 x (1.06)5 = $669.11 . (rounded)Compounded quarterly, it’s $500 x … …
- Most searched keywords: Whether you are looking for How much would 500 invested at 6 interest compounded continuously be worth after 5 years? – Answers If the 6% is compounded annually, then in 5 years, your $500 becomes 500 x (1.06)5 = $669.11 . (rounded)Compounded quarterly, it’s $500 x … There’s no such thing as “compounded continuously”. Compounding always happensat some “interval”, like annually (once a year), quarterly (every 3 months), monthly,or daily.If the 6% is compounded annually, then in 5 years, your $500 becomes 500 x (1.06)5 = $669.11 . (rounded)Compounded quarterly, it’s $500 x (1.015)20 = $673.43Compounded monthly, it’s $500 x (1.005)60 = $674.43Compounded daily, it’s $500 x (1 + 0.06/365)1,825 = $674.91(That last one may be off by a little bit; I don’t know what banks do with Leap Year.)
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How much would $500 invested at 6% interest compounded monthly be worth after years, A(t)=P(1+r/n)^(nt)? | Socratic
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- Summary of article content: Articles about How much would $500 invested at 6% interest compounded monthly be worth after years, A(t)=P(1+r/n)^(nt)? | Socratic A(t)=500×1.00512t after t years. Explanation: Here, we have been given Principal amount invested P , r rate of interest per annum and n … …
- Most searched keywords: Whether you are looking for How much would $500 invested at 6% interest compounded monthly be worth after years, A(t)=P(1+r/n)^(nt)? | Socratic A(t)=500×1.00512t after t years. Explanation: Here, we have been given Principal amount invested P , r rate of interest per annum and n … A(t)=500xx1.005^(12t) after t years. Here, we have been given Principal amount invested P, r rate of interest per annum and n tells us how frequently (at regular intervals) interest is compounded in a year. This gives amount at the end of t tears as A(t)=P(1+r/n)^(nt). Here P=$500, r=6%=0.06, n=12 (as it is compounded every month), hence A(t)=500(1+0.06/12)^(12t)=500xx1.005^(12t)
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SOLVED:How much would $500 invested at 6% interest compounded monthly be
worth after 5 years? Round your answer to the nearest cent.
A(t) = P (1+r/n)nt
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worth after 5 years? Round your answer to the nearest cent.
A(t) = P (1+r/n)nt VIDEO ANSWER:So they give us the formula the amount To figure out the amount is right here. So if you invest 500 that’s the principle 6% is … … - Most searched keywords: Whether you are looking for SOLVED:How much would $500 invested at 6% interest compounded monthly be
worth after 5 years? Round your answer to the nearest cent.
A(t) = P (1+r/n)nt VIDEO ANSWER:So they give us the formula the amount To figure out the amount is right here. So if you invest 500 that’s the principle 6% is … VIDEO ANSWER:So they give us the formula the amount To figure out the amount is right here. So if you invest 500 that’s the principle 6% is the rate compounded monthly is N. Which would be 12 and five years is the time. So the amount that I would have Would be my principal 500 Times one plus the interest rate which is .06 Over the number of times compounded which is 12 Raised to the power of N. T. which is 12 Times the number of years which is five. So I’m gonna use my calculator to figure out what one plus 10.6 divided by 12 is. And that would be 1.005. And now I’m gonna take 1.005 to the 60th power because that’s what five times 12 is To the 60th power. - Table of Contents:
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worth after 5 years? Round your answer to the nearest cent.
A(t) = P (1+r/n)nt
SOLVED:How much would $500 invested at 6% interest compounded monthly be worth after 4 years
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- Summary of article content: Articles about SOLVED:How much would $500 invested at 6% interest compounded monthly be worth after 4 years How much would $500 invested at 6% interest compounded monthly be worth after 4 years. We don’t have your requested question, but here is a suggested veo … …
- Most searched keywords: Whether you are looking for SOLVED:How much would $500 invested at 6% interest compounded monthly be worth after 4 years How much would $500 invested at 6% interest compounded monthly be worth after 4 years. We don’t have your requested question, but here is a suggested veo … VIDEO ANSWER:So they give us the formula the amount To figure out the amount is right here. So if you invest 500 that’s the principle 6% is the rate compounded monthly is N. Which would be 12 and five years is the time. So the amount that I would have Would be my principal 500 Times one plus the interest rate which is .06 Over the number of times compounded which is 12 Raised to the power of N. T. which is 12 Times the number of years which is five. So I’m gonna use my calculator to figure out what one plus 10.6 divided by 12 is. And that would be 1.005. And now I’m gonna take 1.005 to the 60th power because that’s what five times 12 is To the 60th power.
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How much would 500 invested at 6 interest compounded class 8 maths CBSE
Hint:
In this question we are asked to find the amount after years when some principle is invested at a rate, we will solve this by using the formula $A\left( t \right) = P{\left( {1 + \dfrac{r}{n}} \right)^{nt}}$, where Principal amount invested P, r rate of interest per annum and n tells us how frequently (at regular intervals) interest is compounded in a year, and this gives the amount at the end of t years. By substituting the values in the formula that are given in the question, we will get the required amount.
Complete step by step solution:
Given Principal amount invested P, r rate of interest per annum and n tells us how frequently (at regular intervals) interest is compounded in a year, and this gives the amount at the end of t years, i.e., $A\left( t \right) = P{\left( {1 + \dfrac{r}{n}} \right)^{nt}}$where P is the principle , r is the rate,
Now from the given data, $P = \$ 500$, $r = 6\% = \dfrac{6}{{100}}$and $n = 12$as it is compounded monthly,
By substituting the values in the formula we get,
$ \Rightarrow A\left( t \right) = P{\left( {1 + \dfrac{r}{n}} \right)^{nt}}$,
Now substituting the values we get,
$ \Rightarrow A\left( t \right) = 500{\left( {1 + \dfrac{{\dfrac{6}{{100}}}}{{12}}} \right)^{12t}}$
Now simplifying we get,
$ \Rightarrow A\left( t \right) = 500{\left( {1 + \dfrac{6}{{1200}}} \right)^{12t}}$,
Now again simplifying we get,
$ \Rightarrow A\left( t \right) = 500{\left( {1 + \dfrac{1}{{200}}} \right)^{12t}}$,
Now adding the terms inside the power we get,
$ \Rightarrow A\left( t \right) = 500{\left( {\dfrac{{200 + 1}}{{200}}} \right)^{12t}}$,
Now simplifying we get,
$ \Rightarrow A\left( t \right) = 500{\left( {\dfrac{{201}}{{200}}} \right)^{12t}}$,
So, amount when $\$500$ invested at 6% interest compounded monthly be worth after years is $500{\left( {\dfrac{{201}}{{200}}} \right)^{12t}}$.
$\therefore $ The amount when $\$500$ invested at 6% interest compounded monthly be worth after years will be equal to $500{\left( {\dfrac{{201}}{{200}}} \right)^{12t}}$.
Note:
Compound interest is the interest calculated on the principal and the interest accumulated over the previous period. It is different from the simple interest where interest is not added to the principal while calculating the interest during the next period.
How much would 500 invested at 6 interest compounded continuously be worth after 5 years?
There’s no such thing as “compounded continuously”. Compounding always happens
at some “interval”, like annually (once a year), quarterly (every 3 months), monthly,
or daily.
If the 6% is compounded annually, then in 5 years, your $500 becomes 500 x (1.06)5 = $669.11 . (rounded)
Compounded quarterly, it’s $500 x (1.015)20 = $673.43
Compounded monthly, it’s $500 x (1.005)60 = $674.43
Compounded daily, it’s $500 x (1 + 0.06/365)1,825 = $674.91
(That last one may be off by a little bit; I don’t know what banks do with Leap Year.)
SOLVED:How much would $500 invested at 6% interest compounded monthly be worth after 5 years? Round your answer to the nearest cent. A(t) = P (1+r
Video Transcript
So they give us the formula the amount To figure out the amount is right here. So if you invest $500 that’s the principle 6% is the rate compounded monthly is N. Which would be 12 and five years is the time. So the amount that I would have Would be my principal 500 Times one plus the interest rate which is .06 Over the number of times compounded which is 12 Raised to the power of N. T. which is 12 Times the number of years which is five. So I’m gonna use my calculator to figure out what one plus 10.6 divided by 12 is. And that would be 1.005. And now I’m gonna take 1.005 to the 60th power because that’s what five times 12 is To the 60th power.
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