TwizzleIsAStudent TwizzleIsAStudent

21-10-2021
Mathematics

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Jason deposits $1500 in an account that earns 6% interest compounded monthly. How much will Jason have after 10 years?

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musiclover10045 musiclover10045

21-10-2021

Compound interest formula:

Total = principal( 1 + interest rate/number of compounds per year)^ (compounds x years)

Total = 1500(1 + 0.06/12) ^ (12 x 10)

Answer: $2,729.10

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