Your college fund has $65,000. It is currently in an account which pays 2.3% compounded monthly. How much money will you have in 15 years

$91,749.04

Step-by-step explanation:

Lets use the compound interest formula provided to solve this:

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First, change 2.3% into a decimal:

2.3% -> -> 0.023

Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:

You will have $91,749.04 in 15 years.

step-by-step explanation:

the original amount doesn't ''re just looking for the time it takes for 1/2 of the substance to we have

(1/2) =)     take the ln   of both sides

ln (1/2)   = )   and we can write

ln(1/2) = ) lne     and lne   = 1     so we have

ln(1/2) = -.1092t     divide both sides by -.1092

t = ln(1/2)/-.1092 = about 6.347 days = about 6.3 days (rounded)