Posted by Help 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  Help, Thursday, October 27, 2011 at 10:55pm
6950*.105=525 is this correct?

math  Reiny, 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
Answer This Question
Related Questions
 Math  Find the ending balance in a account that opens with 6,480, earns 8.5% ...
 ALGEBRA  Find the ending balance in an account that opens with $3,560, earns 3....
 Math  Find the ending balance in an account that opens with $5,000, earns 7.5% ...
 ALGEBRA  Find the ending balance in an account that opens with $3,180, earns 11...
 math  Find the ending balance in an account that opens with $6,000, earns 6.5% ...
 math  Find the ending balance in an account that opens with $5,000, earns 2.5% ...
 accounting  Find the ending balance in an account that opens with $9,000, earns...
 ALGEBRA  Find the ending balance in an account that opens with $5,000, earns 7....
 ALGEBRA  Find the ending balance in an account that opens with $5,000, earns 7....
 ALGEBRA  Find the ending balance in an account that opens with $5,000, earns 7....
More Related Questions