Suppose that you invest $250 every month in an account that has 3.6% APR. The account is compounded every month. How much money will you have after 2 years?

Question

asked May 3, 2020 32.1k views

1 Answer

Pdroid · Answer 1 · 2020-05-09T22:31:22+0000

Answer: $268.63

Explanation:

A = P(1 + R/100n)^nt

P (principal) = 250

R = 3.6 (%)

n = 12 (months in a year)

t = 2 (years)

A = 250 x (1.003)^24

= $268.63