Brian deposited $4000 into an account with 5.4% interest, compounded monthly. Assuming that no withdrawals are made, how much wi

Question

Tom [10]

4 years ago

14

Brian deposited $4000 into an account with 5.4% interest, compounded monthly. Assuming that no withdrawals are made, how much wi

ll he have in the account after 6 years?

Mathematics

1 answer:

Yanka [14] · Answer 1 · 2021-11-14T00:13:01+03:00

Yanka [14]4 years ago

8 0

The future value of the amount deposited will be given by:
FV=p(1+r/100n)^nt

where:
FV=future value
p=principle
r=rate
n=terms
t=time
thus substituting our values in the formula we get:
FV=4000(1+5.4/1200)^(6×12)
FV=$5,526.57

Answer: $5,526.57