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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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4 votes
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 GSP KS
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1 Answer

1 vote
After 6 years the account will have 15,120 in interest so the total amount the account will have is 18,120.
answered
User Bitgarden
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8.3k points
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