Ask Question
24 October, 18:34

You deposit $3000 in an account earning 8% interest compounded monthly. How much will you have in the account in

15 years?

+1
Answers (1)
  1. 24 October, 18:45
    0
    Step-by-step explanation

    :Amount (A) A = p (1 + r/100) n where A is the amount, p is the principal, r is the rate which is 8% and n is the time.

    Therefore, A=p (1+8/100) 15 raised to the power of 15.

    A = 3000 (100+8/100) 15

    = 300x (108/100) 15

    = 300x (1.08) 15, = $9,516.507
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “You deposit $3000 in an account earning 8% interest compounded monthly. How much will you have in the account in 15 years? ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers