Shellie has a compounding monthly account. She has $12 300 in her account now, how much will she have in 65 months at 4.5% interest?

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Answer 1 · 2018-02-28T11:34:24

#$15687.96#

The formula for compound interest is:

#C=P(1+r/n)^(nt)#

Here,

#P=$12300#

#n=12#

#r=4.5%=0.045#

#t=65/12# years

Inputting:

#C=12300(1+0.045/12)^(65/12*12)#

#C=12300(1.00375)^65#

#C=12300(1.275)#

#C=$15687.96#