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If you invest $15,000 at 3.1% annual interest compounded monthly, how much will be in the account after 16 years
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4 votes
If you invest $15,000 at 3.1% annual interest compounded monthly, how much will be in the account after 16 years

User Fgblanch
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1 Answer

4 votes

Answer:

The final balance would be $24,616.34 at the end of 16 years of monthly compounded interest

Step-by-step explanation:

The total compound interest would be $9,616.34 after 16 years.

User Doree
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