If you deposit $850 into an account which earns 6% yearly interest compounded monthly, how much will be in the account after 4 y
ears, assuming you never withdraw money from the account? Round your answer to the nearest cent if necessary and do not include the dollar sign.
1 answer:
Answer:
1079.9
Step-by-step explanation:
A = P(1 + 
)^nt
A: ending amount
P: principal (850)
r: interest rate in decimal form (.06)
n: compounding periods, 12 months in a year.
t: time in years (4)
= 850(1 + .06/12)^12(4)
= 850(1.005)⁴⁸
= 850(1.2704891)
= 1079.9157
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