Answer:
Amount after 10 years is $1472.775
Step-by-step explanation:
Amy deposited $750 in a saving account that pays 6.75% Interest compounded monthly for 10 years.
Principal amount= $750
Rate of interest= 6.75%
Time= 10 years
Number of times compounded= 10*12
Number of times compounded= 120
A= p(1+r/n)^(nt)
A= 750(1+0.0675/120)^(120*10)
A= 750(1+0.0005625)^(1200)
A= 750(1.0005625)^(1200)
A= 750(1.9637)
A= 1472.775
Amount after 10 years is $1472.775
