What interest will be earned if $6000 is invested for 7 years at 11% compounded monthly? (Round your answer to the nearest cent.)
Added by Autumn M.
Step 1
11/12)^(12*7) Total Amount = $6000 * (1 + 0.00916667)^84 Total Amount = $6000 * (1.00916667)^84 Total Amount ≈ $22325.87 Show more…
Show all steps
Close
Your feedback will help us improve your experience
Brooke Bussoletti and 62 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
What interest will be earned if $6800 is invested for 7 years at 11% compounded monthly? (Round your answer to the nearest cent)
Zhumagali S.
Nick J.
Suppose that $15,000 is deposited for seven years at 5% APR. Calculate the interest earned if interest is compounded monthly. Round your answer to the nearest cent.
Christopher D.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD