math

posted by .

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?

  • math -

    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)

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Compound math

    (Future Value) Suppose you invest $8000 into an account that pays an annual interest rate of 6.2%. How much is in the account after 30 years if a. simple interest is compound monthly?
  2. Finance

    1. A man establishes an annuity for retirement by depositing $50,000 into an account that pays 7.2% compounded monthly. Equal monthly withdrawals will be made each month for 5 years, at which time the account will have a zero balance. …
  3. math

    Tim deposits $10 every month into a retirement account which averages 18% interest compounded monthly. How much will be in this account after 45 years?
  4. math

    Tim deposits $10 every month into a retirement account which averages 18% interest compounded monthly. How much will be in this account after 45 years?
  5. Finite Math and Applied Calculus

    Betty Sue sets up a retirement account. For the first 35 years, she deposits $500 at the end of each month into an account with an annual interest rate of 3.6%, compounded monthly. Then, she stops making monthly payments and transfers …
  6. Math

    Tim deposits $10 every month into retirement account which averages 18% interest compounded monthly. How much will be in this account after 45 years?
  7. gscc

    robin invests $50 on the first of every month into a superannuation account. His employer, Batman, pays 9% of Robin's monthly income of $2500 at the end of the month into the same account. Interest is paid at the rate of 6% p.a. compounded …
  8. maths

    robin invests $50 on the first of every month into a superannuation account. His employer, Batman, pays 9% of Robin's monthly income of $2500 at the end of the month into the same account. Interest is paid at the rate of 6% p.a. compounded …
  9. PLEASE HELP Math

    As a fringe benefit for the past 8 years, Colin's employer has contributed $50 at the end of each month into an employee retirement account for Colin that pays interest at the rate of 8%/year compounded monthly. Colin has also contributed …
  10. math

    Julia invests $80,000 in an account which pays 5.97% interest compounded quarterly. After 20 years and 6 months, how much money will she have in the account?

More Similar Questions