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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 10 years? Round your answer to the nearest whole number.
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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 10 years? Round your answer to the nearest whole number.

User Mark Oreta
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1 Answer

4 votes
Hi there
The formula of compound interest is
A=p (1+r/k)^kn
A future value?
P present value 1300
R interest rate 0.025
K compounded monthly 12
N time 10 years
So
A=1,300×(1+0.025÷12)^(12×10)
A=1,668.80

Good luck!
User Ari Herman
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