Question

At the time of her​ grandson's birth, a grandmother deposits $3000 in an account that pays 9.5% compounded monthly.

What will be the value of the account at the​ child's twenty-first​ birthday, assuming that no other deposits or withdrawals are made during this​ period?

Answer 1

74820

Explanation:

9.5% of 3000 is 285

there are 12 months in a year

so 12 times 21 equals 252

so 285 times 252 add 3000 equals 74820