An Initial Deposit of $10,000 Earns 16% Interest, Compounded Monthly

question 159

Short Answer

An initial deposit of $10,000 earns 16% interest, compounded monthly. How much will be in the account after 10 years?
Please give the answer to the nearest cent. $__________

---

Definitions:

Liabilities

Financial obligations or debts a company or person has.

Obligations

Duties or commitments that are legally binding, arising from contract law, statute, or other legal requirements.

Partnership Agreement

A contract between partners in a business that outlines the rights, responsibilities, and proportions of ownership among them.

Classes Of Partners

Refers to the various types of partnership roles in a business, such as general partners, limited partners, and managing partners, each bearing different degrees of liability and responsibility.