Hunter invested 580 in an account paying an interest rate of 4.6% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 19 years?

Solution

Solution

Amount : 1387.64

Solution steps

Translate the problem into an equation:

A = 580 (1 + \frac{0.046}{12})^{12 \cdot 19}

580 (1 + \frac{0.046}{12})^{12 \cdot 19} = 1387.63648 \dots

Round to the nearest hundredth:

1387.64

Amount : 1387.64

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