Math, asked by dhillonsaab29514, 8 months ago

determine the sum of money that will grow to $2000 in six years at 6% compounded monthly

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Answered by aanyabansal2009

Answer:

6 years has 12 months. 6% interest per annum => 6÷12= 0.5% P.m. Using the very formulae for compound imterest as A=P(1+r)^t=> 2000=P(1+0.005)^(6×12)=> P=$1883.00.

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determine the sum of money that will grow to $2000 in six years at 6% compounded monthly​

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determine the sum of money that will grow to $2000 in six years at 6% compounded monthly