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7 August, 05:30

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 15 years? Round your answer to the nearest whole number.

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  1. 7 August, 06:29
    0
    A=1,300 * (1+0.025:12) ^ (12*15)

    A=1,890.75
  2. 7 August, 07:53
    0
    Total = 1,300 * (1+.025/n) ^ (15*12)

    Total = 1,300 * (1.0020833333) ^180

    Total = 1,300 * 1.4544239487

    Total = 1,890.75
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