# "y=a(1+r)^t I know this is a really basic question for this website, but I can't find it anywhere else. This is the question: ""If you deposit $3,750 in an account that pays 6% annual interest compounded monthly, what is the balance of the account after 11 years?"" The formula I'm using is y=a(1+r)t, with a being the initial amount, r being the rate in decimal form, and t is time relative to the rate, which makes y=3,750(1+.06)132 How do I solve for the ending amount (y)?" Staffangz 2022-09-14 Answered $y=a\left(1+r{\right)}^{t}$ I know this is a really basic question for this website, but I can't find it anywhere else. This is the question: "If you deposit$3,750 in an account that pays 6% annual interest compounded monthly, what is the balance of the account after 11 years?"
The formula I'm using is $y=a\left(1+r{\right)}^{t}$, with a being the initial amount, r being the rate in decimal form, and t is time relative to the rate, which makes $y=3,750\left(1+.06{\right)}^{132}$
How do I solve for the ending amount (y)?
You can still ask an expert for help

## Want to know more about Exponential growth and decay?

• Live experts 24/7
• Questions are typically answered in as fast as 30 minutes
• Personalized clear answers

Solve your problem for the price of one coffee

• Math expert for every subject
• Pay only if we can solve it Jovany Newman
A better formula to use would be
$y=a{\left(1+\frac{r}{k}\right)}^{kt},$
where k is the number of times the interest is compounded per year. So, plugging in your information gives
$y=3750{\left(1+\frac{.06}{12}\right)}^{132}=\mathrm{}7243.55$

We have step-by-step solutions for your answer!
{"ft_lang_label":"__label__en","ft_lang_prob":0.96933365,"math_prob":0.9842399,"size":435,"snap":"2022-40-2023-06","text_gpt3_token_len":104,"char_repetition_ratio":0.10440835,"word_repetition_ratio":0.0,"special_character_ratio":0.2505747,"punctuation_ratio":0.11578947,"nsfw_num_words":0,"has_unicode_error":false,"math_prob_llama3":0.99926955,"pos_list":[0,1,2,3,4,5,6],"im_url_duplicate_count":[null,null,null,null,null,null,null],"WARC_HEADER":"{\"WARC-Type\":\"response\",\"WARC-Date\":\"2022-10-05T12:54:41Z\",\"WARC-Record-ID\":\"<urn:uuid:c81cb456-52ec-4ecc-9780-47aa173c0807>\",\"Content-Length\":\"68192\",\"Content-Type\":\"application/http; msgtype=response\",\"WARC-Warcinfo-ID\":\"<urn:uuid:a00e7c24-cf29-47cf-8ff3-55804720a978>\",\"WARC-Concurrent-To\":\"<urn:uuid:b0fea48e-5614-413d-a587-2c4d128d7821>\",\"WARC-IP-Address\":\"172.66.43.177\",\"WARC-Target-URI\":\"https://plainmath.net/90459/y-a-1-r-t-i-know-this-is-a-really-bas\",\"WARC-Payload-Digest\":\"sha1:BYWSXTV7K5XL55USV6IG3LWDGT6H6NWS\",\"WARC-Block-Digest\":\"sha1:4QT5ZYOLES6SUWB2FOEEWUF7UKTSE2GS\",\"WARC-Identified-Payload-Type\":\"text/html\",\"warc_filename\":\"/cc_download/warc_2022/CC-MAIN-2022-40/CC-MAIN-2022-40_segments_1664030337625.5_warc_CC-MAIN-20221005105356-20221005135356-00116.warc.gz\"}"}