SOLUTION: Find the ending balance in an account that opens with $4,770, earns 6.5% interest compounded monthly, and is held for 15 years. (Round your answer to the nearest cent.)

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Question 649603: Find the ending balance in an account that opens with $4,770, earns 6.5% interest compounded monthly, and is held for 15 years. (Round your answer to the nearest cent.)
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

In General A+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount

P= principal = 4770 

r= annual rate = .065

n= periods per year =  12

t= years = 15

A+=+4770%281%2B.065%2F12%29%5E%2812%2A15%29

A+=+4770%281.0054%29%5E%28180%29