Register
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?
86.8k views
4 votes
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
by
7.7k points

1 Answer

2 votes
The final balance is $241
The total compound interest is $121.02.
User Roberto Aureli
by
7.1k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

7.8m questions

10.4m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Link Copied!