Question 319562: kim invests $3,000 at 7.8% annual interest compounded monthly, find the final amount of kim's investment after 15 years
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! kim invests $3,000 at 7.8% annual interest compounded monthly, find the final amount of kim's investment after 15 years
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A(t) = P(1+(r/n))^(nt)
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A(15) = 3000(1+(0.078/12))^(12*15)
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A(15) = 3000*3.2098
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A(15) = $9,629.45
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Cheers,
Stan H.
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