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Anna [14]
3 years ago
15

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

Mathematics
1 answer:
Umnica [9.8K]3 years ago
8 0
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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