Question

James and Terry open a savings account that has a 2.75% annual interest rate, compounded monthly. They deposited $500 into the account each month. How much will be in the account after 20 years​

Answer 1

Answer:

$275

Step-by-step explanation:

This is what I got:

You first convert 2.75% into 0.0275

You then multiply 500 x 0.0275 = 13.75

Finally you multiply 13.75 x 20 = 275

so the answer should be 275