Question

Is it the same formula?

@jdoe0001

Answer 1

convert the interest to annually then use pert

Answer 2

ahmm nope... this is a compounded interest acccoiunt, and is compounded monthly

meaning there are 12 months in 1 year.. so n = 12

\(\bf A=P\left(1+\frac{r}{n}\right)^{nt}
\\ \quad \\
A=\textit{current amount}\\
P=\textit{original amount deposited}\to \$742\\
r=rate\to 3.4\%\to \frac{3.4}{100}\to 0.034\\
n=\textit{times it compounds per year}\to 12\\
t=years\to 15
\\ \quad \\
A=742\left(1+\frac{0.034}{12}\right)^{12\cdot 15}\)

Answer 3

1234.755

Answer 4

yeap

Answer 5

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

Answer 6

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

Answer 7

Thank you! :D