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If Bob deposits $133 at the end of every month in an account paying 5.9% interest compounded annually, how much money will he have in the account in 6 years? Round your final answer to the nearest cent (2 decimal places)

Respuesta :

bekkarmahdi702

Answer:

10140.96 dollars

Step-by-step explanation:

Bob deposits 133 dollars at the end of every mounth in an account paying 5.9 percent interest compounded annually :

  • We need to khow what is the amount bob has in a total year without interests
  • let A be the amount we are looking for :
  • A = 12*133=1596
  • so bob has 1596 dollars each year

We khow that the interest is worth 5.9 percent

we can state :

  • 1596⇒ 100 percent
  • x(the interest value)⇒ 5.9 percent
  • x = (1596*5.9)/100 = 94.16 dollars each year

Let At be the toatl amount after six years

At= 1596*6+94.16*6= 10140.96

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