SOLUTION: You deposit $2000 in an account earning 6% interest compounded monthly. How much will you have in the account in 15 years?
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Question 576357: You deposit $2000 in an account earning 6% interest compounded monthly. How much will you have in the account in 15 years?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
^{nt})
where 
is the future value, 
is the present value or invested principal, 
is the decimal representation of the annualized interest rate, 
is the number of compounding periods per year, and 
is the number of years.
Plug in your values. . . and do the arithmetic:
^{12\,\cdot\,15})
. . . and do the arithmetic. I would get out the calculator if I were you, unless you are a serious glutton for punishment.
John
My calculator said it, I believe it, that settles it
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