Question

An amount of $19,000 is invested in a money market account with an interest rate of r percent per year, compounded monthly. At the end of 6 years, the balance on the account is given by A=19,000(1+(r)/(1200))^(72).

Answer 1

Answer:The formula for the balance on the account is given by A=19,000(1+®/(1200))^(72) where $19,000 is the initial investment, r is the interest rate per year compounded monthly and 72 is the number of months in 6 years. The balance on the account at the end of 6 years is calculated by substituting the value of r in the formula.

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