SOLUTION: You deposit $3000 in an account earning 6% interest compounded monthly. How much will you have in the account in 15 years?

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Question 1175393: You deposit $3000 in an account earning 6% interest compounded monthly. How much will you have in the account in 15 years?
Found 2 solutions by ikleyn, ewatrrr:
Answer by ikleyn(52812) About Me  (Show Source):
You can put this solution on YOUR website!
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I solved a TWIN problem 7 minutes ago under this link

https://www.algebra.com/algebra/homework/Finance/Finance.faq.question.1175394.html


E n j o y (!)



Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!

Hi
 In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount
P= principal = 3000
r= annual rate = .06
n= periods per year = 12
t= years =15
A%28t%29+=+3000%281%2B+.06%2F12%29%5E%28180%29
A%28t%29+=+3000%281.005%29%5E%28180%29 = $7362.28                                      
                                                                        
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