Answer:
$ 65.13
Explanation:
John deposits $25 at the end of each month in a savings account with 6.4% annual interest compounded monthly. What is his account balance at the end of 15 years? *
The formula for compound interest =
A = P(1 + r/n)^nt
Where
P = Initial amount deposited = $25
r = Interest rate = 6.4% = 0.064
n = number of times interest is compound = monthly = 12 times
t = time in years = 15 years
A = $25 × (1 + 0.064/12)^12 × 15
A = $65.13
His account balance at the end of 15 years is $65.13