Question

Maya invests $3,000 into a brokerage account

which earns 10% per year. In 15 years, how
much will Maya's investment be worth if
interest is compounded monthly? Round to the
nearest dollar.

Answer 1

Answer: $13361.76

Explanation:

Amount = initial balance(1 + annual rate/periods per year)^(periods per year*years)

A = 3000(1+0.1/12)^12*15

A = 3000(1.0083)^180

A = 3000(4.4275)

A = 13361.76

Hope this helps!