Purchase Solution

bank balance based on the compounded interest

Not what you're looking for?

Ask Custom Question

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?

Purchase this Solution

Solution Summary

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

Purchase this Solution


Free BrainMass Quizzes
Learning Lean

This quiz will help you understand the basic concepts of Lean.

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.