SOLUTION: If $350 is deposited in an account paying 12% of annual interest compounded monthly, then how much is in the account at the end of 6 years and 6 months?

SOLUTION: If $350 is deposited in an account paying 12% of annual interest compounded monthly, then how much is in the account at the end of 6 years and 6 months?

Algebra.Com

Question 133514: If $350 is deposited in an account paying 12% of annual interest compounded monthly, then how much is in the account at the end of 6 years and 6 months?
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
350(1+.12/12)^(6.5*12)
350(1+.01)^78
350(1.01)^78
350*2.173
$760.56 ANSWER FOR THE AMOUNT OF THE INVESTMENT AFTER 6 YRS. & 6 MOS.
RELATED QUESTIONS
if $350 is deposited in an account paying 2% annual interest, compunded continuously, how (answered by MathGuyJoe,jim_thompson5910)

if $20000 is deposited in an account earning an annual rate of 8%, compounded monthly how (answered by ikleyn)

if $20000 is deposited into an account earning an annual rate of 8% compounded monthly,... (answered by ikleyn)

If $500 is deposited in an account paying 8.6% annual interest, compounded continuously,... (answered by Fombitz)

A deposit of $800 is placed in a savings account paying 6.9% annual interest compounded... (answered by stanbon)

If Liera deposiTS five thousand pesos into an account paying six percent annual... (answered by ikleyn)

If Liera deposit five thousand pesos into an account paying six percent annual... (answered by ikleyn)

If $9,000.00 is deposited into an account paying 4% interest compounded annually (at the... (answered by stanbon)

Hello, I would like someone to check if I did this correctly please! Given: Bank A is... (answered by richwmiller)