You invest $1,300 in an account with an annual interest rate of 2.5%, compounded monthly. How much money is in the account after 15 years? Round your answer to the nearest whole number.
Hi there The formula is A=p (1+r/k)^kt A future value? P present value 1300 R interest rate 0.025 K compounded monthly 12 T time 15 years So A=1,300×(1+0.025÷12)^(12×15) A=1,890.75
