Explore BrainMass

Explore BrainMass

    bank balance based on the compounded interest

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Global Trends in Consumer Savings
    With the impacts of the recession of 2009 and the ensuing slow recovery, many Americans are looking to place more discretionary money into savings plans and investments than into vacations and luxury items.

    If an individual saves S4S00 and elects to place the total dollar amount into a savings account, earning 2.75% APR compounded monthly, how much will the original deposit grow to in 11years?

    © BrainMass Inc. brainmass.com March 5, 2021, 12:05 am ad1c9bdddf
    https://brainmass.com/business/interest-rates/bank-balance-based-compounded-interest-480803

    Attachments

    Solution Summary

    The solution provides detailed explanation how to find out the bank balance based on the compounded interest.

    $2.49

    ADVERTISEMENT