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Asked by Jenna

You invest $5000 at 3% compounded monthly for 15 years. How much interest will you earn?
10 years ago

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Answered by Henry
P = Po * (1+r)^n

r = (3%/12)/100% = 0.0025 = Monthly %
rate expressed as a decimal.

n = 12Comp./yr * 15 yrs. = 180 Compounding periods.

Solve for P.

I = P-Po

10 years ago
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You invest $5000 at 3% compounded monthly for 15 years. How much interest will you earn?

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