Ms. Costello borrows $5000 from a
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Answer:
$10496.77
Step-by-step explanation:
We have been given that Barbara puts $200 into an account every month that pays 4.5% interest, compounded monthly.
To find the money in the account after 4 years, we will use future value formula.
, where,
R = Regular deposits,
r = Interest rate in decimal form
n = Number of times interest in compounded per year,
t = Time in years.
Substitute given values:
Therefore, there will be an amount of $10496.77 in the account after 4 years.