SOLUTION: You invest $1500 at an interest rate of 8% per year. Find the amount after 3 years if interest is compounded monthly.

Question 1157553: You invest $1500 at an interest rate of 8% per year. Find the amount after
3 years if interest is compounded monthly.
Found 2 solutions by Alan3354, josmiceli:
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
You invest $1500 at an interest rate of 8% per year. Find the amount after
3 years if interest is compounded monthly.
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8%/yr = (2/3)% per month
3 years = 36 months

Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!

$1,905.36
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check:

Error due to rounding off
OK
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