Question

You deposit $3000 in an account earning 5% interest compounded monthly. How much will you have in the account in 15 years?

Answer 1

Answer:

9000

Step-by-step explanation:

Answer 2

Answer:

6236.78454 or 6236.78

Step-by-step explanation:

Use formula A=P(1+r)^t

A=3000(1+0.05)^180/12

*convert 15 years to moths* 180 months

A=3000(1.05)^180/12

A=3000(2.07892818 )

A=6236.78454 or 6236.78

Hope this helps ^-^