Question

Find the balance in the account. $4,100 principal earning 4%, compounded monthly, after 10 years

Answer 1

The formula is
A=p (1+r/k)^kt
A future value?
P present value 4100
R interest rate 0.04
K compounded monthly 12
T time 10 years
A=4,100×(1+0.04÷12)^(12×10)
A=6,112.41. ..answer

Answer 2

$4100*(1+0.04/12)^(12*10)

4100*1.490832682=

$6112.41