Question

Find the balance in the account. Give the numeric answer.

$1,000 principal earning 2%, compounded monthly, after 32 years.

Answer 1

@celticcat

Answer 2

@sox2

Answer 3

plz help I only have 5 min!

Answer 4

$1,895.47

Answer 5

How???

Answer 6

They have interest calculators. I just input all the given info. End of every month the starting principal gains 2% over a span of 32 years

Answer 7

1000(1 + (0.02/12))^ (12*32) = $1895.47

Answer 8

tysm!

Answer 9

there's resources everywhere for stuff like that

Answer 10

yw

Answer 11

I believe it essential that you find, learn and remember the proper equation to apply to this situation. It involves A (the amount accumulated after 32 years), P (the original principal), r (the interest rate as a decimal fraction), n (the number of compounding periods per year), and t (the number of years). Do you have this formula?

If not, look up (Google) "compound amount formula."

Answer 12

Better yet, just take the direct answer and leave! :D