Question

Find the amount in an account if $3,500 is invested at 6.12% compounded monthly, for 4 1/2 years.

Answer 1

6.12% compounded monthly equals 0.0612/12, or 0.0051 added monthly. So, $3500 invested for 4-1/2 years is:
3500 x (1.0051)^(48+6)=1.3161x3500=$4606.48
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