Question

Gabriel invested $540 in an account paying an interest rate of 6.4% compounded monthly. Assuming no deposits or withdrawals are made, how much money would be in that account after 10 years?

Answer 1

Answer:

$4,687.2?

Step-by-step explanation:

540 x 0.064 = 34.56

34.56 x 12 = 414.72

414.72 x 10 = 4147.2

4147.2 + 540 = $4,687.2