Ethan has deposited $954 in a savings account that earns interest at a rate of 1.4% compounded monthly. What will the account balance be in 16 years?

$967.36
$1,193.37
$1,335.60
$1,254.97

Question

Ethan has deposited $954 in a savings account that earns interest at a rate of 1.4% compounded monthly. What will the account balance be in 16 years?

$967.36
		$1,193.37
		$1,335.60
		$1,254.97

anonymous · Answer

the formula is 
A(1+r)^t 
A is the initial number in this case 954
r is the rate of whange this is the % put the % into a decimal .014
and t is the time that passes 16
so the formula is 
954(1+.014)^16
plug it all into a calculator and get the answer

anonymous · Answer

ok thanks

anonymous · Answer

welcome hope that helped

anonymous · Answer

For some reason i got an unrelated number