Math

The present value of the money in your savings account is $420, and you're receiving 3% annual interest compounded monthly. What is the future value in two months?

  1. 👍
  2. 👎
  3. 👁
  1. A=P( 1+r/100)^n
    A= 420 ( 1+3/100 )^2/12
    A= 420 ( 1.03 ) ^ 0.17
    A=$422.12

    1. 👍
    2. 👎
  2. 5. The present value of the money in your savings account is $420, and you're receiving 3% annual interest compounded monthly. What is the future value in two months?

    A. $424.11
    B. $426
    C. $422.10
    D. $432.60

    1. 👍
    2. 👎
  3. 424.11

    1. 👍
    2. 👎
  4. 424.11

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math

    John took all his money from his savings account he spent 176 on a radio and 6/11 of what was left on presents for his friends of the remaining money john put 5/8 in checking account and 300 was left to charity how much did he

  2. comsumer math

    9. Your fixed expenses are $1,151.65/month. You saved 4 months' worth in an emergency fund, investing 25% in a savings account at a 3.3% APR and the rest in a 60­day CD at a 4.3% APR. How much total interest accrues over 60 days?

  3. math

    john told raquel that if he spent up to $30 from his saving account, his savings account would have 3/4 as much in it as it has now. From John's statement, raquel can deduce that the least amount of money that john could have in

  4. math

    suppose you deposit $3000 in a savings account that pays interest in a a rate of 4%. if no money is added or withdrawn from the account, how much will be in the account after ten years.

  1. math

    John took all his money out of his savings account. He spent $50 on a radio and 3/5 of what remained on presents. Half of what was left he put back in his checking account, and the remaining $35 he donated to charity. How much

  2. Algebra

    A savings account is started with an initial deposit of $500. The account earns 1.5% interest compounded annually. Write an equation to represent the amount of money in the account as a function of time in years. Find the amount

  3. Math

    Peter has money in two savings accounts. One rate is 9% and the other is 11%. If he has $400 more in the 11% account and the total interest is $117, how much is invested in each savings account?

  4. Math

    A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the end of the 10 years, how much money will be in the savings account?

  1. math

    John took all his money from his savings account. He spent ​$154 on a radio and 4/7 of what was left on presents for his friends. Of the money​ remaining, John put 6/11 into a checking account and the last remaining ​$300

  2. Civics

    Which best describes how the money that individuals have in savings accounts affects the economy? A. The money in savings accounts is used for daily expenses like food and gas which keep the economy going. B. The money in savings

  3. finance

    A self –employed person deposits $3,000 annually in a retirement account(called a Keogh account)that earns 8 percent. a) How much will be in the account when the individual retires at the age of 65 if the savings program starts

  4. uga

    Peter has money in two savings accounts. One rate is 9% and the other is 11%. If he has $200 more in the 11% account and the total interest is $68, how much is invested in each savings account?

You can view more similar questions or ask a new question.