Maria's parents invested 14,000 at 6% per year compounded monthly. How much money will there be in the account after 10 years?

So what you do is multiple 14000x. 06 which is 860 dollars per month now since there is 12 months in a year and ten years multiple 10x12 which is 120 so then multiply 120x860 because its 6 percent of 14000 is 860 so then that's how much is put in each month after ten years which is 120 months you multiply them together to get 100,800

Answer:$25466 will be in the account after 10 years.

Step-by-step explanation:

Initial amount that Maria's parents invested into the account is $14000 This means that the principal so

P = 14000

It was compounded monthly. This means that it was compounded 12 times in a year. So

n = 12

The rate at which the principal was compounded is 6%. So

r = 2/100 = 0.06

It was compounded for 10 years. So

t = 10

The formula for compound interest is

A = P (1+r/n) ^nt

A = total amount in the account at the end of t years. Therefore

A = 14000 (1+0.06/12) ^12*10

A = 14000 (1.005) ^120

A = 14000 (1.819) = $25466