The principal amount of money for this loan is $9,500.00. If you deposit this into an account paying 4.2% annual interest compounded monthly. How much money will be in the account after 5 years? (also called Future value).

9514 1404 393

  $11,715.65

Step-by-step explanation:

The applicable formula is ...

  FV = P(1 +r/n)^(nt)

where principal P earns interest at rate r compounded n times per year for t years.

  FV = $9500(1 +0.042/12)^(12·5) = $9500(1.0035^60) ≈ $11,715.65

The account will hold $11,715.65 after 5 years.

she was supposed to add the hours(38.5) and multiply the amount of money she earned(7.50) resulting in $288.75 .

correct me if i'm wrong and if it is i'm truly sorry.

the answer is 1 becuz if it were 1.0 that would rip apart the entire so ya. : )

~potato.

copyright potato 2019.