Answer:
Step-by-step explanation:
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bcore: 9/ 120 5/17 answered Question 7 You deposit $4000 in an account earning 7% interest compounded monthly. How much will you
1 answer:
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Answer:
$36 400
Step-by-step explanation:
Step 1
The first step is to figure out how much money is saved at the end of each month for the period from January 1 to June 15. The amount deposited at the end of each month is obtained by multiplying the amount from the previous month by 3.
The amount deposited in January is
The amount deposited in February is
The amount deposited in March is
The amount deposited in April is
The amount deposited in May is
The amount deposited in June is
Step 2
The next step is to add up all the money that was deposited into the account. This calculation is shown below,