cabanshalymar879
cabanshalymar879 cabanshalymar879
  • 28-03-2022
  • Mathematics
contestada

a thousand dollars is left in a credit union drawing 7% compounded monthly. what is the balance at the end of 10 years​

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lucymattclark
lucymattclark lucymattclark
  • 28-03-2022

Answer:

$9400

Step-by-step explanation:

You start with $1000 and get 7% more every month.

7% of 1000 is 70 so that means $70 is added to the credit union each month.

So you add $70 dollar to $1000 for every month there is which would be 12 months timers the ten years:

1000 + (70 x 12 x 10) = 9400

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