Question

a thousand dollars is left in a credit union drawing 7% compounded monthly. what is the balance at the end of 10 years​

Answer 1

$9400

Explanation:

You start with $1000 and get 7% more every month.

7% of 1000 is 70 so that means $70 is added to the credit union each month.

So you add $70 dollar to $1000 for every month there is which would be 12 months timers the ten years:

1000 + (70 x 12 x 10) = 9400