Question

If you deposit $7500 into an account paying 7% annual interest compounded monthly, how

much money will be in the account after 9 years?

Answer 1

The answer is 56,700

If you take 7500 and divide it by 100 than multiply by 7 you get 525 and multiply 525 by 12 you get 6,300 than 6,300 multiplied by those 9 years you get 56,700