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adele Govern saves $150 per month and deposits the money in an account earning 3% annual interest compounded monthly. how much will be in the account after 2 years? how much of that money is interest?
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adele Govern saves $150 per month and deposits the money in an account earning 3% annual interest compounded monthly. how much will be in the account after 2 years? how much of that money is interest?

User Brafdlog
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Hello there.

Adele Govern saves $150 per month and deposits the money in an account earning 3% annual interest compounded monthly. how much will be in the account after 2 years?

24
User Uwe Allner
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6.5k points
3 votes
Given:
saves 150 per month.
3% per annum ; 0.0025% per month.
compounded interest means that every interest earned per month also earns interest.
2 years = 24 months.

Pls. see attachment for my answer.


adele Govern saves $150 per month and deposits the money in an account earning 3% annual-example-1
User Kasper Munck
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