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You deposit $1500 in an account that pays 3% annual interest. Find the balance after 1 year if the interest is compounded monthly.

You deposit $1500 in an account that pays 3% annual interest. Find the balance after 1 year if the interest is compounded monthly.
asked 115k views
21 votes
You deposit $1500 in an account that pays 3% annual interest. Find the balance after 1 year if the interest is compounded monthly.

asked
User Omaris
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7.4k points

1 Answer

6 votes

Answer:

I believe the balance would be $1,545.00

answered
User Matusalem
by
7.5k points
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