Register

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 …

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 …
222k views
2 votes
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
by
8.5k points

2 Answers

2 votes
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
by
8.0k 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
by
7.4k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!