Lauren invested $340 in an account paying an interest rate of 5.8% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 13 years?
13 years * 12 months per year = 156 compounding periods.
Using our compound interest balance calculator with 156 for t, we get:
$721.35
13 years * 12 months per year = 156 compounding periods.
Using our compound interest balance calculator with 156 for t, we get:
$721.35