Kyle invested $15,000 in a savings account. If the interest rate is 5% per year, how much will be in the account in 10 years for monthly compounding? Round your answer to two decimal places.

Kyle invested $15,000 in a savings account.

The interest rate is 5% per year.

After 10 years for monthly compounding, the amount of money Kyle has:

A = principal x (1 + rate/12)^(year x 12)

A = 15000 x (1 + (5/100)/12)^(10 x 12)

   = 15000 x 1.004167^120

   = 24705.1425$

Hope this helps!

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all group life insurance is term insurance. actually it is annual renewable term and it is rated on the average age and claims experience of the entire group, which is called "experience rating." remember, this type of insurance has a 31-day grace period and is convertible to whole life upon leaving employment. a contributory group plan requires that both the employer and the employees pay part of the premium. at least 75% of those eligible must participate, so the group is sure to get most of the healthy employees as well as those that are sick.

step-by-step explanation: