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3 years ago

6

Markiya deposited $500 in a savings account. The annual interest rate is 2%, and the interest is compounded monthly. Write a com

pound interest function to model this situation. Then find the balance in Markiya’s account after 4 years.

2 answers:

Alexxandr [17]3 years ago

8 0

I agree the answer is 40 dollars.

motikmotik3 years ago

7 0

I=Prt
I=500*0.02*4
I=$40

So, basically the answer is $40.

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$P(t)=919,716(1+0.037)^{13}\\\\=919,716(1.037)^{13}\\\\=1,474,950.9\\\\\approx 1,474,951$

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