SOLUTION: Ayden invested $32,000 in an account paying an interest rate of 3.6% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Ayden invested $32,000 in an account paying an interest rate of 3.6% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be      Log On

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Question 1153925: Ayden invested $32,000 in an account paying an interest rate of 3.6% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 6 years?
Found 2 solutions by VFBundy, MathTherapy:
Answer by VFBundy(438) About Me  (Show Source):
You can put this solution on YOUR website!
TOTAL = 32000%281+%2B+0.036%2F12%29%5E%286%2A12%29

= 32000%281.003%29%5E%2872%29

= 32000%281.241%29

= $39,712.00

Answer by MathTherapy(10555) About Me  (Show Source):
You can put this solution on YOUR website!

Ayden invested $32,000 in an account paying an interest rate of 3.6% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 6 years?
CORRECT answer: