Is it the same formula?

@jdoe0001

Question

Is it the same formula?

@jdoe0001

anonymous · Answer

convert the interest to annually then use pert

jdoe0001 · Answer

ahmm nope... this is a compounded interest acccoiunt, and is compounded monthly

meaning there are 12 months in 1 year.. so   n = 12  

$\bf A=P\left(1+\frac{r}{n}\right)^{nt}
\ \quad \
A=\textit{current amount}\
P=\textit{original amount deposited}\to \$742\
r=rate\to 3.4\%\to \frac{3.4}{100}\to 0.034\
n=\textit{times it compounds per year}\to 12\
t=years\to 15
\ \quad \
A=742\left(1+\frac{0.034}{12}\right)^{12\cdot 15}$

anonymous · Answer

1234.755

jdoe0001 · Answer

yeap

anonymous · Answer

That would be the final answer? (In other words, no more steps?)

jdoe0001 · Answer

yeap..that'd be it, the amount accrued after 15 years of compounding monthly at 3.4%

anonymous · Answer

Thank you! :D