SOLUTION: Find the balance after 15 years if $37, 000 is invested at an annual interest rate of 2.85% compounded monthly. Round your answer to the nearest cent.

Question 864444: Find the balance after 15 years if $37, 000 is invested at an annual interest rate of 2.85% compounded monthly. Round your answer to the nearest cent.
Answer by LinnW(1048) (Show Source): You can put this solution on YOUR website!
37000*( 1 + monthly interest )^(15 years * 12 months)
monthly interest = 0.0285/12 = 0.002375

approximately $56707.76
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