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27 February, 11:06

You invest $300 in an account that has an interest rate of 1.3%, compounded monthly. How much money is in the account after 20 years? Round your answer to the nearest whole number.

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  1. 27 February, 11:22
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    The formula is

    A=p (1+r/k) ^kt

    A future value?

    P present value 300

    R interest rate 0.013

    k compounded monthly 12

    T time 20 years

    A=300 * (1+0.013:12) ^ (12*20)

    A=389.02
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