If an individual saves $5,700 and elects to place the total dollar amount into a savings account earning 2.75% APR compounded monthly, how much will the original deposit grow to in 12 years?

Question

If an individual saves $5,700 and elects to place the total dollar amount into a savings account earning​ 2.75% APR compounded​ monthly, how much will the original deposit grow to in 12​ years?​

Reiny · Accepted Answer

i = .0275/12 = .002291666... what is 5700(1.00229166..)^144 ?

If an individual saves $5,700 and elects to place the total dollar amount into a savings account earning​ 2.75% APR compounded​ monthly, how much will the original deposit grow to in 12​ years?​

If an individual saves $5,700 and elects to place the total dollar amount into a savings account earning 2.75% APR compounded monthly, how much will the original deposit grow to in 12 years?