If you invested $1,585 in an account which earns 7.5% compounded monthly, how much is in your account after 20 years? Round your answer to two decimal places.
Added by Gregg M.
Step 1
Since there are 12 months in a year, we divide 7.5% by 12 to get 0.625% per month. Show more…
Show all steps
Close
Your feedback will help us improve your experience
Gregory Higby and 74 other Precalculus educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
You invest $300 in an account at 7.5% per year simple interest. How much will you have in the account at the beginning of the 11th year
Suman Saurav T.
You deposited money in a savings account paying $4 \%$ simple interest per year. The first year, you earned $\$ 75$ in interest. How much interest will you earn during the following year?
Solving
Percents
You invested $1,650 in an account that pays 5 percent simple interest. How much more could you have earned over a 20-year period if the interest had compounded annually
Sanchit J.
Recommended Textbooks
Precalculus with Limits
Precalculus
Transcript
100,000+
Students learning Precalculus with Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD
