Question

Set up the equation to find the value of $1000 deposited for 10 years in an account paying 6% annual interest compounded monthly

Answer 1

I = Prt

so ur trying to find I (investment)

P= 1000
r = 6 % or 0.06
t= 10 years, but you need monthly, so 10 x 12

and multiply all of them together, and i think you will get the answer (: im doing this from memory from like last year so yeahhhh lol

Answer 2

ok haah thanks :)