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Assume you invest $3,000 in an account that pays 7% compounded monthly. How much money will be in the account after 6 years?

Assume you invest $3,000 in an account that pays 7% compounded monthly. How much money will be in the account after 6 years?
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Assume you invest $3,000 in an account that pays 7% compounded monthly. How much money will be in the account after 6 years?

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User Nuwan Sameera
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1 Answer

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Use A = P(1+r/n)^(nt).

Here, A = $3000(1+0.07/12)^(12*6). Can you evaluate this?
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User Alireza Easazade
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