Question 450493: You invest $1,300 in an account with an annual interest rate of 2.5%, compounded monthly. How much money is in the account after 5 years? Round your answer to the nearest whole number.
Answer by solver15(27)   (Show Source):
You can put this solution on YOUR website! all you have to do is use this formula, A=p(1+r/n)^nt
in this case A=?, P=1,300 R=0.025 n=12 t=5
how i got 0.025 is by talking 25% and divide by 100, so is equal to 0.025.
so all you is to just plug in the numbers to the formula
A=1,300(1+0.025/12)^(12)(5)
A=1,300(1+0.025/12)^60
A=1,300(1.025)/12^60
A=1,300(4.399)/12
A=5719.7/12
A~ $476.6
|
|
|
