Question

Jimmie invested $13,000 at 5.23% compounded monthly.

What will Jimmie's account balance be in 42 years?

Answer 1

116370.197$

Explanation:

Jimmie invested $13,000 at 5.23% compounded monthly.

Jimmie's account balance (B) after 42 years:

B = principal x (1 + rate)^time

= 13000 x (1 + (5.23/100)/12)^(42 x 12)

= 116370.197$