brmelanie06 brmelanie06

03-04-2020
Mathematics

contestada

You deposit $3,500 into an account which yields 4% interest. If the account is compounded monthly, how much would you have in 6 years?

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justneedanswers17 justneedanswers17

03-04-2020

Answer: $4,447.49

Step-by-step explanation:

(1) 3500 (1 + 0.04 / 12) ^ 12 x 6

(2) A = 3500 x 1.003333^72

(3) A = 3500 x 1.270711

(4) A = 4,447.49

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