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Vitovt · 10-31-2007, 07:02 PM

You deposit $2,500 in a special savings account. The account earns interest at a rate of 3.25% compounded monthly. What amount will be in your account at the end of 5 months if no deposits or withdrawals are made?<br />

java_bean · 10-31-2007, 07:03 PM

(((((2500 * 1.0325) * 1.0325) * 1.0325) * 1.0325) * 1.0325
I knoe there is formula for compounded interest but this works.

GURU · 10-31-2007, 07:03 PM

$2500*(1.0325^5)=$2933.52

webMonkey · 10-31-2007, 07:03 PM

Ans. $2933.51.

newrussian · 10-31-2007, 07:03 PM

$ 2500(1+.0325/12) ^ 5 = $ 2534.04 ( Compounded Monthly)

10-31-2007, 07:02 PM	#1
Vitovt Piggy Bank Join Date: Jul 2006 Posts: 56 Rep Power: 5	math problem? You deposit $2,500 in a special savings account. The account earns interest at a rate of 3.25% compounded monthly. What amount will be in your account at the end of 5 months if no deposits or withdrawals are made?<br />

10-31-2007, 07:03 PM	#2
java_bean Greenhorn Join Date: Jul 2006 Posts: 46 Rep Power: 5	math problem? (((((2500 * 1.0325) * 1.0325) * 1.0325) * 1.0325) * 1.0325 I knoe there is formula for compounded interest but this works.

10-31-2007, 07:03 PM	#3
GURU Greenhorn Join Date: Jul 2006 Posts: 5 Rep Power: 0	math problem? $2500*(1.0325^5)=$2933.52

10-31-2007, 07:03 PM	#4
webMonkey Greenhorn Join Date: Jul 2006 Posts: 18 Rep Power: 0	math problem? Ans. $2933.51.

10-31-2007, 07:03 PM	#5
newrussian Greenhorn Join Date: Jul 2006 Posts: 21 Rep Power: 5	math problem? $ 2500(1+.0325/12) ^ 5 = $ 2534.04 ( Compounded Monthly)

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