Tyrone opens an account at the local bank by depositing $50 of his birthday money. he continues to deposit $50 each month for 5 years. if the account pays 3 1/4% interest compounded monthly how much is the amount after 5 years?

Answer-

The amount will be $8944.62 after 5 years.

Solution-

We know that,

Where,

P = Payment = $50 monthly

r = rate of interest compounded monthly=

n = number of period = 5 years = 5×12 = 60 months

Putting the values in the formula,

Therefore, the amount will be $8944.62 after 5 years.

answer: y = 3/2 x - 3

y = 1/8 x - 3/4 that would be your correct option

step-by-step explanation: w