Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 month ago

You put $200 into a savings account at the end of each month for 5 years. ?

If interest at 1% per month is compounded monthly, how much money will there be in your account at the end of the 5 years?

2 Answers

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  • 1 month ago

    $16,333.93 if compounded monthly. 

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  • Bill
    Lv 6
    1 month ago

    interest is always calculated yearly but can be paid monthly at a portion of the annual interest rate

     There is a simple compound interest formula available on the net to work out your answer

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