Question

$750 are deposited into an account with a

2% interest rate, compounded monthly.
Find the accumulated amount after 5 years.

Answer 1

`~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$750\\ r=rate\to 2\%\to (2)/(100)\dotfill &0.02\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &5 \end{cases}`

`A = 750\left(1+(0.02)/(12)\right)^(12\cdot 5) \implies A = 750( 1.001\overline{66})^(60)\implies A \approx 828.81`