Question

Morgan puts $3,200 into an investment account that earns compound

interest at a rate of 0.6% per month. Calculate the accumulated amount in
Morgan's account at the end of the 15th month.

Answer 1

3500.416

Explanation:

Compound interest formula

A = A0(1 + r/n)^nt

3200(1 + 0.6%)^15

3200(1 + 0.006)^15

3200(1.006)^15