Register

A bank pays 3.4% annual interest, compounded monthly. If $1550 is invested for 11 years, what will be the ending value of the account?

A bank pays 3.4% annual interest, compounded monthly. If $1550 is invested for 11 years, what will be the ending value of the account?
asked 71.7k views
5 votes
A bank pays 3.4% annual interest,

compounded monthly. If $1550 is invested
for 11 years, what will be the ending value
of the account?

asked
User Christian Ammer
by
8.3k points

1 Answer

11 votes

Answer:

$2,251.79.

total compound should be is $701.79.

Explanation:

answered
User Patrikbeno
by
7.9k points
← Prev Question Next Question →

Related questions

User Grigori Melnik
asked Jun 26, 2021 56.7k views
$5600 was invested at 3.3% p.a and earned interest of $1550. How long was it invested for?
Grigori Melnik asked Jun 26, 2021
by Grigori Melnik
8.0k points
1 answer
2 votes
56.7k views
Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!