Mrs. Cartel deposit P6500 into account paying 8% annual interest compounded monthly, how much money will be in the account after 7 years?
Answer:
The approximate future value will be Php11,390.00.
Step-by-step explanation:
Problem:
The maturity or future value of principal Php6,500 at 8% annual interest compounded monthly after 7 years.
Formula:
[tex]A=P[1+\frac{r}{n}]^{nt}[/tex]
Where:
- A = final amount or maturity value (Unknown)
- r = compound interest rate (8% or 0.08)
- n = number of compounding period per year, (monthly = 12)
- t = time elapsed in years (7 years)
- P = principal amount (Php6,500)
Solution (substitute given values):
A = 6,500 [1 + (0.08/12)]⁽¹²⁾⁽⁷⁾
A = 6,500 [1 + 0.0067]⁸⁴
A = 6,500 (1.0067)⁸⁴
A = 6,500 (1.7523)
A = 11,389.95
A ≈ 11,390.00
The approximate future value will be Php11,390.00.
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