Question

Scott invested $1600 into a retirement account that earns 2.4% interest compounded monthly. What will the balance of the account be after 30 years? Round answer to the nearest hundredth

Answer 1

The interest is $13824 and the amount is $15424.

Explanation:

i did 2.4% of 1600 which is 38.4 then i took that number and multiplied it by 12 (months in a year) and got 13824

I am not sure if you are supposed to add in the original amount, and if you are, it would be 15424

Hope this helped!

Answer 2

Explanation:

`V=P\left(1+\ frac{r}{c}\right)^(ct)\\ \\ V=1600\left(1+(0.024)/(12)\right)^(12(30))\\ \\ V=\$ 3284.73`