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You deposit $1900 each month into an account earning 2.5% interest compounded monthly.
(a) How much will you have in the account in 13 years

b. How much total interest will you earn over the 13 years?

Respuesta :

oriboy123

Answer:

Total amount = $2628.77

Interest = $728.77

Step-by-step explanation:

Compound Interest: [tex]A = P(1+\frac{r}{n} )^{nt}[/tex]

Info:

Initial amount → 1900

Interest rate → 2.5%

# of times compounded → 12

First Question:

[tex]A = 1900(1+\frac{0.025}{12})^{12(13)}[/tex]

[tex]A = $2,628.77[/tex]

Second Question:

2628.77 - 1900 = 728.77

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