Monique Fournier deposited $12,500 into a savings account paying 6.5% annual interest compounded monthly. What amount will she have in her account after 3 years? How much compound interest will she have earned?
6.5%=.065 .065/12=0.00541666666666666666666666666667/month 3 years = 36 months (1+0.00541666666666666666666666666667)^36=1.2146716269797335689295444127607 1.2146716269797335689295444127607 x 12500=$15183.40 in the account after 3 years 15183.40-12500=$2683.40 in interest earned ☺☺☺☺
