Cooper is opening an online savings account to hold his $20,000 emergency fund. The online account pays 1.5% interest compounded monthly. If Cooper does not deposit or withdraw any money from the account, how much will be in the account in 25 years

After 25 years, Cooper will have $29,093.01 in his savings account.

Step-by-step explanation:

While Cooper opened an emergency savings account of $ 20,000, which yields an annual interest of 1.5% compounded monthly, to determine how much money he will have in his account after 25 years, the following calculation must be performed:

X = 20,000 (1 + 0.015 / 12) 25x12

X = 29,093.01

Therefore, after the passage of 25 years, Cooper will have $ 29,093.01 in his savings account.