as a judge, judith makes a lot of money. She deposits 45,000.00 into an account that compounds its interest monthly. If her rate is 3.6%. How much interest will she receive after 10 years. If she doesnt make any withdraws or deposits. P= r= n= t=

Question

as a judge, judith makes a lot of money. She deposits  45,000.00 into an account that compounds its interest monthly. If her rate is 3.6%. How much interest will she receive after 10 years. If she doesnt make any withdraws or deposits. P= r= n= t=

campbell_st · Answer

is the interest rate per month or per year...?

anonymous · Answer

monthly

campbell_st · Answer

ok... then use 

$$A = P(1 + r)^t$$

A = future value, P = principal, 45000 r = 0.036 t = 120

so

$$A = 45000(1 + 0.036)^{120}$$

to get the future value

anonymous · Answer

ok i appreciate all your help!!!