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 that money is interest?
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
6.2k 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
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
by
5.4k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.6m questions

8.8m answers

Other Questions

What is the least common denominator of the four fractions 20 7/10 20 3/4 18 9/10 20 18/25
What is 0.12 expressed as a fraction in simplest form
arlos has $690,000 he wants to save. If the FDIC insurance limit per depositor, per bank, is $250,000, which of these ways of distributing his money between three banks will guarantee that all of his money
Solve using square root or factoring method plz help!!!!.....must click on pic to see the whole problem
What is the initial value and what does it represent? $4, the cost per item $4, the cost of the catalog $6, the cost per item $6, the cost of the catalog?
Link Copied!