SOLUTION: Suppose $150,000 is invested in an account that pays 6.75% annual interest, compounded monthly. if no money is deposited or withdrawn, what will the balance be after 10 years?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Suppose $150,000 is invested in an account that pays 6.75% annual interest, compounded monthly. if no money is deposited or withdrawn, what will the balance be after 10 years?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 413368: Suppose $150,000 is invested in an account that pays 6.75% annual interest, compounded monthly.

if no money is deposited or withdrawn, what will the balance be after 10 years?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=150000(1+0.0675/12)^12*10
A=150000(1.005625)^120
A=150000*1.96
A=294,000