SOLUTION: A deposit of $800 is placed in a savings account paying 6.9% annual interest compounded monthly. How much money will be in the account after 5 years?

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Question 190668: A deposit of $800 is placed in a savings account paying 6.9% annual interest compounded monthly. How much money will be in the account after 5 years?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
A deposit of $800 is placed in a savings account paying 6.9% annual interest compounded monthly. How much money will be in the account after 5 years?
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A(t) = P(1+(r/n))^(nt)
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A(5) = 800(1 + (0.069/12))^(12*5)
A(5) = 800(1.00575)^(60)
A(5) = 800(1.4106)
A(5) = $1128.48
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Cheers,
Stan H.