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If $10,000 is deposited into a savings account that pays 2.3% annual interest, how much more would the account be worth if interest were compounded monthly rather than annually over a period of 30 years?
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If $10,000 is deposited into a savings account that pays 2.3% annual interest, how much more would the account be worth if interest were compounded monthly rather than annually over a period of 30 years? Round to the nearest dollar.

User Pierre Inglebert
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1 Answer

2 votes
The final balance is $241
The total compound interest is $121.02.
User Roberto Aureli
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