Answered

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Julian just inherited $50,000 from his grandmother. He is going to invest all of it in a new savings account at 3%, which is compounded monthly.
If Julian does not make any withdrawals or deposits, how much money will he have in this savings account in 23 years? (Round to two decimal places.)​

Sagot :

MissssHaileyidn

PROBLEM SOLVING

Julian just inherited $50,000 from his grandmother. He is going to invest all of it in a new savings account at 3%, which is compounded monthly.

If Julian does not make any withdrawals or deposits, how much money will he have in this savings account in 23 years? (Round to two decimal places.)

SOLUTION & ANSWER:

[tex]\quad[/tex] A = 50,000 (1 +[tex]\sf \frac{0.03} {12}[/tex])⁽¹²⁾⁽²³⁾

[tex]\quad\quad [/tex] = $99599.98

[tex]\\[/tex]

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