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25 May, 09:15

Gavin deposited $613 into a savings account seven years ago. The account earns an interest rate of 3.4% compounded monthly. What is the balance of the account today?

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  1. 25 May, 09:33
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    A=p (1+r/k) ^kn

    A future value (today) ?

    P present value 613

    R interest rate 0.034

    K compounded monthly 12

    N time 7 years

    A=613 * (1+0.034:12) ^ (12*7)

    A=777.46
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