Xavier deposits $10,000 in a five-year CD account that yields 5.5% interest, compounded monthly. What is his ending balance at the end of 18 years?

$26,851.54

Step-by-step explanation:

Lets use the compound interest formula provided to solve this:

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

Our first step is to change 5.5% into a decimal:

5.5% -> -> 0.055

Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:

The ending balance after 18 years is $26,851.54

square pyramid

step-by-step explanation:

square prism looks like nothing like that

triangular prism has a rectangular base instead of a square base

tetrahedron has a triangular base

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