Gavin deposited $613 into a savings account seven years ago. The account earns an interest rate of 3.4% compounded monthly. What is the balance of the account today?

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asked Aug 5, 2018 100k views

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Ruelluna · Answer 1 · 2018-08-12T09:52:23+0000

A=p (1+r/k)^kn
A future value (today) ?
P present value 613
R interest rate 0.034
K compounded monthly 12
N time 7 years

A=613×(1+0.034÷12)^(12×7)
A=777.46

Gavin deposited $613 into a savings account seven years ago. The account earns an interest rate of 3.4% compounded monthly. What is the balance of the account today?

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