Math, asked by jaimanhimanshi4702, 1 day ago

Nominal and Effective rates C) Shyam invest $800 into an account at the end of each month for 8 years. The annual effective interest rate is 5%. Calculate the balance of this account at the end of 5 years.​

Answers

Answered by SrijonPakira
1

Answer:

Please don't mind I am increasing my point because I don't have enough points to question.

Answered by Hellosaran
1

Answer

55,698.3

Step-by-step explanation:

1 st year 9600 + 5% = 10,080

2nd year 19680 + 5% = 20664

3rd year 30264 + 5% = 31777.2

4th year 41377.2 + 5% = 43446.0

5th year 53046.0 + 5% = 55698.3

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