Question

you put $500 in to a savings account which earns compound interest at a rate of 0.2% per month. if you dont make any deposits or withdrawls how much will you have in your account in 10 years

Answer 1

A = 500(1 + 0.002)^(10 x 12) = 500(1.002)^120 = 500(1.2704) = $635.47