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3 years ago

15

You deposit $2000 in an account earning 3% interest compounded monthly.How much will you have in the account in 15 years?

1 answer:

erica [24]3 years ago

5 0

Use the formula
A = P * (1 + R/N)NT

Where A = the final amount
P = initial principal
R = interest rate
N = number of times interest is compounded per year
T = number of years

In this case
A = 2000 * (1 + .05/12) ^(12 * 18)

A = 2000 * (1.0041667) ^(180)
A = 2000 *(2.1137)
A = 4227.40

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