Answer:
$1,281.00
Step-by-step explanation:
We start by calculating the value $50 added each month after the first month
= $50 × 11
= $550
Calculation:
First, converting R percent to r a decimal
r = R/100 = 5.5%/100 = 0.055 per year.
P = Principal = 500 + 550
= $1050
Calculation:
First, converting R percent to r a decimal
r = R/100 = 5.5%/100 = 0.055 per year.
Solving our equation:
A = 1050(1 + (0.055 × 4)) = 1281
A = $1,281.00
Therefore, there would be $1,281.00 after 4 years.
