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If you deposit $7500 into an account paying 7% annual interest compounded monthly, how much money will be in the account after 9 years?
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If you deposit $7500 into an account paying 7% annual interest compounded monthly, how

much money will be in the account after 9 years?

User Asma
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1 Answer

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The answer is 56,700

If you take 7500 and divide it by 100 than multiply by 7 you get 525 and multiply 525 by 12 you get 6,300 than 6,300 multiplied by those 9 years you get 56,700
User Seth Weiner
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