SOLUTION: you deposit 1800$ in a special savings account. the account earns interest at an annual rate of 6%, compounded monthly. what amount will be in your account at the end of three mont

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Question 578827: you deposit 1800$ in a special savings account. the account earns interest at an annual rate of 6%, compounded monthly. what amount will be in your account at the end of three months if no deposits or withdrawals are made?
Answer by dfrazzetto(283) About Me  (Show Source):
You can put this solution on YOUR website!
A+=+P%281%2Br%2Fn%29%5Em
P= principal = 1800
r= annual rate = .06
n= periods per year = 12
m= months = 3
A+=+1800%281%2B.06%2F12%29%5E3
A+=+1800%281.005%29%5E3
A+=+1800%281.015075%29
A= $1827.14