Jason deposits $1500 in an account that earns 6% interest compounded monthly. How much will Jason have after 10 years?

Question

asked Oct 10, 2022 219k views

1 Answer

Radan · Answer 1 · 2022-10-16T04:49:31+0000

Compound interest formula:

Total = principal( 1 + interest rate/number of compounds per year)^ (compounds x years)

Total = 1500(1 + 0.06/12) ^ (12 x 10)

Answer: $2,729.10