Posted by Blake on .
Linda invests $15,000 in a retirement account that pays 9%interest compounded monthly.
How much will she have in this account after 5 years?
amount = 15000(1+.09/12)^60
= 23 485.22
(I am sitting in a coffee shop with my laptop, taking advantage of their wireless , I typed the above calculation into Google, so please check on your calculator)