use the appropriate compound interest formula to compute the balance in the account after the stated period of time. 3000 dollars is invested for 19 years with an APR of 5% and monthly compounding. what is the balance after 19 years

Solution

Solution

Amount : 7741.83

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.05}{12})^{12 \cdot 19}

3000 (1 + \frac{0.05}{12})^{12 \cdot 19} = 7741.83393 \dots

Round to the nearest hundredth:

7741.83

Amount : 7741.83

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