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Gavin deposited $613 into a savings account seven years ago. The account earns an interest rate of 3.4% compounded monthly. What is the balance of the account today?
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Gavin deposited $613 into a savings account seven years ago. The account earns an interest rate of 3.4% compounded monthly. What is the balance of the account today?

User CABascourt
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1 Answer

4 votes
A=p (1+r/k)^kn
A future value (today) ?
P present value 613
R interest rate 0.034
K compounded monthly 12
N time 7 years

A=613×(1+0.034÷12)^(12×7)
A=777.46
User Ruelluna
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