Asked by Ibra

Suppose $500 is deposited into an account that earns 6.5% annual interest and no more deposits or withdrawals are made.o

What is balance in 1 year
1 month
29 M0nths
Answered by Steve
after t years, you will have

500(1+.065)^t

just convert months to years if needed.

If the interest is credited at the end of the year, only multiples of 12 months have any effect.