A bank pays 3.4% annual interest, compounded monthly. If $1550 is invested for 11 years, what will be the ending value of the account?

asked Jan 26, 2022 71.7k views

5 votes

A bank pays 3.4% annual interest,

compounded monthly. If $1550 is invested
for 11 years, what will be the ending value
of the account?

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11 votes

Answer:

$2,251.79.

total compound should be is $701.79.

Explanation:

Patrikbeno answered Jan 31, 2022

4.6k points

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