SOLUTION:
A $300 investment was made at 2% annual interest, compounded monthly for 10 years. How much money will you earn in interest?
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Question 705374:
A $300 investment was made at 2% annual interest, compounded monthly for 10 years. How much money will you earn in interest?
Answer by checkley79(3341) (Show Source): You can put this solution on YOUR website!
300(1+.02/12)^12*10
300(1+.0016667)^120
300(1.0016667)^120
300*1.22=366.36
366.36-300=$66.36 AMOUNT OF THE INTEREST.
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