Question

is deposited into an account earning interest a month, compounded monthly. Round your answers to two decimal places. (a) How much is in the account right after the deposit? Right before the deposit? Balance right after the deposit Enter your answer; Balance right after the 6^th deposit = $ 1940.52 Balance right before the deposit Enter your answer; Balance right before the 6^th deposit = $ 1940.52 (b) How much is in the account right after the deposit? Right before the deposit? Balance right after the deposit Enter your answer; Balance right after the 12^th deposit = $ Balance right before the deposit

Answer 1

Answer: Hello your question is poorly written hence i will provide a general answer/explanation within the scope of your question

answer

A = ( P + i )^n

Explanation:

Final Amount after/before  n deposits using a compounded interest can be calculated using the function below

A = ( P + i )^n

where : A = amount , P = principal , i = interest rate , n = number of payments

In this question ; i = r/m given that interest rate is compounded monthly.

r = Annual interest rate

m = number of months