Question

HELP ME PLEASE!!Dominic invested $19,000 in an account paying an interest rate of 6.1% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 16 years?

Answer 1

Answer:

A≈50298

Step-by-step explanation:

Answer 2

The money to the nearest dollar would be in the account after 16 years is to be considered as the $50,298.

Calculation of the future amount:

Since

The interest rate be like = 6.1% = 6.1% / 12 = 0.51%

The time period = 16 * 12 = 192

The present value = $1,9000

The PMT is = $0

Now the following formula is used;

So,

= -FV(RATE,NPER,PMT,PV,TYPE)

After applying it, the future value should be $50,298.

Learn more about rate here: brainly.com/question/24546293