Question 558038: Jordan deposited $1,000 into TD Bank at 2.8% annual interest, compounded monthly. Determine the value of her account after 15 years. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Jordan deposited $1,000 into TD Bank at 2.8% annual interest, compounded monthly. Determine the value of her account after 15 years.
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A(t) = P(1+(r/n))^(nt)
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A(15) = 1000(1+(0.028/12))^(12*15)
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A(15) = 1000(1.0023333..)^(180)
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A(15) = $1521.22
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Cheers,
Stan H.
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