Question

Find the amount in the account for the given principal, interest rate, time, and compounding period. P = $3,650, r= 5.5%, t= 15 years; compounded monthly​

Answer 1

$14390.75

Explanation:

p=3650

i = 5.5% is this annual rate or monthly rate? assuming annual rate

t=15 years compounding monthly = 15*12 = 300 periods

(1+5.5%/12)^300=3.94267155

multiply the principal 3650 *3.94267155 = $14390.75