Question

You invest $1,300 in an account with an annual interest rate of 2.5%, compounded monthly. How much money is in the account after 15 years? Round your answer to the nearest whole number.

Answer 1

Total = 1,300 * (1+.025/n)^(15*12)
Total = 1,300 * (1.0020833333)^180
Total = 1,300 * 1.4544239487
Total = 1,890.75

Answer 2

A=1,300×(1+0.025÷12)^(12×15)
A=1,890.75