HOW MUCH WILL BE IN AN ACCOUNT AFTER 15 YEARS IF THE INITIAL DEPOSI...

3. How much will be in an account after 15 years if the initial deposit was $2500 and it earned interest at an APR of 6%, compounded monthly? A) $1,018.71 B) $1,242.42 C) $2,735.88 D) $5,030.49 E) $6,135.23 Solution E im = APR/m = 6%/12 = .0050 or .50% FV= 2500 x (1.005)^180 = $6,135.23