Kelly puts 300.00 into an account to use for school expenses. The account earns 13% interest, compounded monthly. How much will be in the account after 5 years? round to the nearest cent

Solution

Solution

Amount : 572.66

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.13}{12})^{12 \cdot 5}

300 (1 + \frac{0.13}{12})^{12 \cdot 5} = 572.65696 \dots

Round to the nearest hundredth:

572.66

Amount : 572.66

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