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?

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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) About Me  (Show Source):
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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: A+=+Ao%2A%281%2B%28r%2Fn%29%29%5E%28nt%29, 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%281%2B%28.10%2F12%29%29%5E%28%2812%2A13%29%29
A+=+153000%281.00833%29%5E156
A = 153000 * 3.6496
A = $558,386.38