Determine the sum of money that will grow to $2000 in six years at 6% compounded monthly

The sum of money that will grow in 6 years at 6% is $ 2864.08

Step-by-step explanation:

Given as :

The principal amount = $ 2000

The time period = 6 years

The rate of interest compounded monthly = 6 %

Let The amount after 6  years = A

From compounded method

Amount = Principal ×

Or, A = $ 2000  ×

Or, A =  $ 2000  ×

Or, A = $ 2000  × 1.43204

∴   A = $ 2864.08

Hence The sum of money that will grow in 6 years at 6% is $ 2864.08 Answer

for the points

step-by-step explanation: