SOLUTION: What will $153,000 grow to be in 13 years if it is invested today in an account with a quoted annual interest rate of 10% with monthly compounding of interest?

Question 1089878: What will $153,000 grow to be in 13 years if it is invested today in an account with a quoted annual interest rate of 10% with monthly compounding of interest?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
What will $153,000 grow to be in 13 years if it is invested today in an account with a quoted annual interest rate of 10% with monthly compounding of interest?
:
Use the compound interest formula: , where
A = final amt
Ao = initial amt
r = interest rate
n = no. of coupounding times per year
t = no. of yrs
:
Ao = 153000
r = .10
n = 12
t = 13 yrs
:

A = 153000 * 3.6496
A = $558,386.38

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