Question

Use the given information to find the amount in the account earning compound interest after six years with the principle is 3500 R equals 2.29% compounded monthly

Answer 1

Answer:

The Amount in account after 6 years is $4014.976

Step-by-step explanation:

Given as :

The principal = p = $3500

The rate of interest = r = 2.29% compounded monthly

The time period = t = 6 years

Let The Amount in account after 6 years = $A

From Compound Interest method

Amount = Principal × $(1+\dfrac{\textrm rate}{12\times 100})^{12\times time}$

Or, A = p × $(1+\dfrac{\textrm r}{12\times 100})^{12\times t}$

Or, A = $3500 × $(1+\dfrac{\textrm 2.29}{12\times 100})^{12\times 6}$

Or, A = $3500 × $(1.0019083)^{72}$

Or, A = $3500 × 1.147136

∴  A = $4014.976

So,The Amount in account after 6 years = A = $4014.976

Hence, The Amount in account after 6 years is $4014.976  Answer