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A bank offers an investment account with an annual interest rate of 1.46% compounded monthly. Aldo Invests $3300 into the account for 5 years.
Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the
st of financial formulas
(a) Assuming no withdrawals are made, how much money is in Aldo's account
after 5 years?
(b) How much interest is earned on Aldo's investment after 5 years?

Sagot :

mathstudent55

Answer:

(a) $3549.75

(b) $249.75

Step-by-step explanation:

F = P(1 + r/n)^(nt)

F = 3300(1 + 0.0146/12)^(12 × 5)

F = 3549.75

3549.75 - 3300 = 249.75

(a) $3549.75

(b) $249.75

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