invested $47,000 in an account paying an interest of 6.9% compounded monthly.to the nearest hundred dollars, we be in the bank account after 19 years?

Question

need help

Answer 1

If you use A = P(1+r/n)^nt where A=amount, P=principal, r=rate, n=number of times compounded per year (in this case 12), and t=number of years, then the problem would look like this: 47,000(1+0.069/12)^(12)(19). Simplified the answer should be A = 173,710.98