Answered

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In 2010, Cameron invested $10,000 in an account that earns 8. 5% interest compounded monthly. How much money would Cameron have gained by 2025?

Sagot :

Answer:

Step-by-step explanation:

First, we need to calculate how many years will earn percent.

2010---->2025= 15 years elapsed. Now we have our time, we need to plug it in our compound interest formula=

Principal(rate+1)^time or A=P(1+R)^t

10,000(0.085+1)^15

=$33,997.43

To calculate how much Cam earned, you need to subtract from original amount.

=$33,997.43-10,000=

---->$23997.43

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