Question

How much interst will be earned at the end of five years on a deposit of $2,500 in anaccount paying 4.25% interest compounded monthly?

Answer 1

\[2500\times (1+\frac{.0425}{12})^{60}\] and a calculator

Answer 2

i got 3090.75

Answer 3

idk if thats correct

Answer 4

@satellite73

Answer 5

i didn't do it give me a second

Answer 6

ok

Answer 7

http://www.wolframalpha.com/input/?i=2500%281%2B.0425%2F12%29^60

Answer 8

of course if the question really just asks for the interest, not the total, then you have to subtract \(2500\) from that total

Answer 9

oh and yeah, your total was right

Answer 10

3090.75-2500= 590.75

Answer 11

i believe you

Answer 12

so that would be my interst

Answer 13

yes

Answer 14

ok thank you