Question

You put $500 in a savings account which earns compound interest at a rate of 0.2% per month. If you don't make any deposits or withdrawls, how much will you have in your account in 10 years (120 months)? Round your answer to the nearest whole cent

Answer 1

The formula is
A=p (1+r)^t
A future value?
P present value 500
R interest rate 0.002
T time 120 months
A=500×(1+0.002)^(120)
A=635.47

Hope it helps!