SOLUTION: If $350 is deposited in an account paying 12% of annual interest compounded monthly, then how much is in the account at the end of 6 years and 6 months?

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Question 133514: If $350 is deposited in an account paying 12% of annual interest compounded monthly, then how much is in the account at the end of 6 years and 6 months?
Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
350(1+.12/12)^(6.5*12)
350(1+.01)^78
350(1.01)^78
350*2.173
$760.56 ANSWER FOR THE AMOUNT OF THE INVESTMENT AFTER 6 YRS. & 6 MOS.