You deposit $3000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years
Added by Josep R.
Step 1
Since the annual interest rate is 5%, we can divide that by 12 to find the monthly interest rate: Monthly interest rate = $\frac{5\%}{12} = \frac{0.05}{12} = 0.0041667$ Show more…
Show all steps
Close
Your feedback will help us improve your experience
Supreeta N and 66 other Algebra 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 deposit $5000 in an account earning 3% interest compounded monthly. How much will you have in the account in 10 years?
David N.
You deposit $3000 in an account earning 5% interest compounded monthly. How much will you have in the account in 15 years?
Supreeta N.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD