SOLUTION: Suppose that $5200 is invested at 3.5 % annual interest rate, compounded monthly. How much money will be in the account in (A) 3 months? (B) 13 years?

Question 1119616: Suppose that $5200 is invested at 3.5 % annual interest rate, compounded monthly. How much money will be in the account in (A) 3 months? (B) 13 years?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
5200(1+.035/12)^3, where (1+(r/n))^nt, and t is 1/4 (of a year) and r the rate divided by 12, the number of months.
rounding only at the end,
a) $5245.63
b) Here it is 5200(1+(.035/12))^156, the number of months in 13 years
=$8190.68
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SOLUTION: Suppose that $5200 is invested at 3.5 % annual interest&#8203; rate, compounded monthly. How much money will be in the account in&#8203; (A) 3 &#8203;months? (B) 13 &#8203;years?

SOLUTION: Suppose that $5200 is invested at 3.5 % annual interest rate, compounded monthly. How much money will be in the account in (A) 3 months? (B) 13 years?