Jestoni deposits 520 into savings account that has a 3.5 % interest rate compounded monthly. What will be the:balance of Jestoni's savings account after 2 years?

Solution

Solution

Amount : 557.65

Solution steps

Translate the problem into an equation:

A = 520 (1 + \frac{0.035}{12})^{12 \cdot 2}

520 (1 + \frac{0.035}{12})^{12 \cdot 2} = 557.64743 \dots

Round to the nearest hundredth:

557.65

Amount : 557.65

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