Asked by Billy
Tom Invested $7,000 at 6.5% interest compounded monthly. How much will be in this account after 18 months?
Answers
Answered by
Henry
P = Po * (1+r)^n
r = (6.5%/12)/100% = 0.00542 = Monthly
% rate expressed as a decimal.
n = 1Comp./mo * 18mo = 18 Compounding
periods.
Solve for P.
r = (6.5%/12)/100% = 0.00542 = Monthly
% rate expressed as a decimal.
n = 1Comp./mo * 18mo = 18 Compounding
periods.
Solve for P.
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