Gavin deposited $613 into a savings account seven years ago. The account earns an interest rate of 3.4% compounded monthly. What

Question

nadya68 [22]

3 years ago

15

Gavin deposited $613 into a savings account seven years ago. The account earns an interest rate of 3.4% compounded monthly. What

is the balance of the account today?

Mathematics

1 answer:

Doss [256] · Answer 1 · 2022-07-27T02:04:54+03:00

Doss [256]3 years ago

7 0

A=p (1+r/k)^kn
A future value (today) ?
P present value 613
R interest rate 0.034
K compounded monthly 12
N time 7 years

A=613×(1+0.034÷12)^(12×7)
A=777.46