Mathematics, 14.12.2020 23:50 thawkins79

You invest $1,000 into a savings account with a 2.5% annual interest rate that compounds monthly. Each month, you add $100. Find the balance in the account after five years. How much will you have earned in interest?
a. $1,134
b. $7,000
c. $531
d. $6,531
e. Not enough information

Answers: 2

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You invest $1,000 into a savings account with a 2.5% annual interest rate that compounds monthly. Each month, you add $100. Find the balance in the account after five years. How much will you have earned in interest? a. $1,134 b. $7,000 c. $531 d. $6,531 e. Not enough information

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Another question on Mathematics

You invest $1,000 into a savings account with a 2.5% annual interest rate that compounds monthly. Each month, you add $100. Find the balance in the account after five years. How much will you have earned in interest?
a. $1,134
b. $7,000
c. $531
d. $6,531
e. Not enough information