You deposited $1000 in a savings account with an interest rate of 3.5% compounded monthly. How much will you have at the end of 25 years?
Added by Tara S.
Step 1
The formula to convert a monthly interest rate to an annual interest rate is: Annual interest rate = (1 + monthly interest rate)^12 - 1 In this case, the monthly interest rate is 3.5% / 12 = 0.0029167 Plugging this into the formula: Annual interest rate = (1 + Show more…
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