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James and Terry open a savings account that has a 2.79% annual interest rate, compounded monthly. They deposit $500 into the account. How much will be in the account after 20 years?
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18 votes
James and Terry open a savings account that has a 2.79% annual interest rate,

compounded monthly. They deposit $500 into the account. How much will be in the

account after 20 years?

User Andreasrein
by
5.2k points

1 Answer

8 votes

Answer:

The answer should be $279 If im right if not sorry

Explanation:

500 x 2.79% x 20 = 279

User Minnur
by
5.0k points
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