Asked by Help

Find the ending balance in an account that opens with $6,950, earns 10.5% interest compounded monthly, and is held for 15 years.
Answered by Help
6950*.105=525 is this correct?
Answered by Reiny
Does your answer make sense to you ?
Think about it
Starting with about $7000, in an account for 15 years at about 10% interest and you end up with $525 ??????

Amount = 6950(1 + .105/12)^(15*12)= $ 33344.43
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