GRE Question of the Day

Answer

After one month, the total value in the account is

$\$ 6,250\left(1+\frac{.025}{12}\right)\approx \$ 6,263.02$

Therefore, after the second month, the total value in the account is

$\$ 6,263.02\left(1+\frac{.025}{12}\right)\approx \$ 6,276.07$

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$6,250 is invested in a bank account that earns 2.5% annual interest, which is compounded monthly. How much is in the account after two months?

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