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Xavier deposits $10,000 in a five-year CD account that yields 5.5% interest, compounded monthly. What is his ending balance at the end of 18 years?

Respuesta :

qop

Answer:

$26,851.54

Step-by-step explanation:

Lets use the compound interest formula provided to solve this:

[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

Our first step is to change 5.5% into a decimal:

5.5% -> [tex]\frac{5.5}{100}[/tex] -> 0.055

Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:

[tex]A=10,000(1+\frac{0.055}{12})^{12(18)}[/tex]

[tex]A=26,851.54[/tex]

The ending balance after 18 years is $26,851.54

Answer:

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Step-by-step explanation:

northc04  sorry i could not help     

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When did the Indian class system begin to change?

A)    in the Hindu period

B)    in the Vedic period

C)    in the Aryan period

D)    when people first settled the Indus River Valley