Question

You invest $300 in an account that has an interest rate of 1.3%, compounded monthly. How much money is in the account after 10 years? Round your answer to the nearest whole number.

Answer 1

The formula is
A=p (1+r/k)^kt
A future value?
P present value 300
R interest rate 0.013
k compounded monthly 12
T time 10 years
A=300×(1+0.013÷12)^(12×10)
A=341.62