You deposit $4000 in an account earning 7% interest compounded monthly. How much will you have in the account in 15 years?

Answer 1

A=4000(1+.07/12)^12(15)

= 4000(1.0058333...)^180

use a calculator

general formula is

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

where

P = starting amount

A = ending amount

r = APR

n = number of compounding periods per year

t = years