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Posted by on Thursday, October 27, 2011 at 10:36pm.

Find the ending balance in an account that opens with $6,950, earns 10.5% interest compounded monthly, and is held for 15 years.

  • math - , Thursday, October 27, 2011 at 10:55pm

    6950*.105=525 is this correct?

  • math - , Thursday, October 27, 2011 at 11:35pm

    Does your answer make sense to you ?
    Think about it
    Starting with about $7000, in an account for 15 years at about 10% interest and you end up with $525 ??????

    Amount = 6950(1 + .105/12)^(15*12)= $ 33344.43

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