SOLUTION: On her wedding day, Lillie invested $800 in an account that pays 6½ % interest, compounded monthly. What will be the balance in the account on her golden anniversary? _______
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Question 866334: On her wedding day, Lillie invested $800 in an account that pays 6½ % interest, compounded monthly. What will be the balance in the account on her golden anniversary? _______
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
On her wedding day, Lillie invested $800 in an account that pays 6½ % interest, compounded monthly. What will be the balance in the account on her golden anniversary? _______
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A(t) = P(1+(r/n))^(nt)
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A(50) = 800(1+(0.065/12))^(12*50) = $20,452.11
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Cheers,
Stan H.
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