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.

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asked Nov 9, 2022 207k views

3 votes

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.

Mathematics
college

Pak Ho Cheung asked

by Pak Ho Cheung

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1 Answer

4 votes

Answer:

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

Alghimo answered Nov 14, 2022

by Alghimo

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