You deposit $2,000 in an account with an annual interest rate of 4.5%. Calculate the amount of money you will have in your account after 9 years if interest is compounded monthly. Assume that you make no deposits into the account after the initial deposit. (Round your final answer to the nearest cent.)

asked by ACB121

3 years ago

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1 answer

as usual,
A = 2000(1 + .045/12)^(12*9)

answered by oobleck

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Question

You deposit $2,000 in an account with an annual interest rate of 4.5%. Calculate the amount of money you will have in your account after 9 years if interest is compounded monthly. Assume that you make no deposits into the account after the initial deposit. (Round your final answer to the nearest cent.)

1 answer

as usual,
A = 2000(1 + .045/12)^(12*9)

oobleck · Answer

as usual, A = 2000(1 + .045/12)^(12*9)