Lucas deposits $4,000.00 for 6 years at 2% interest, compounded monthly. How much interest does he earn at the end of the 6 year

Question

2 years ago

12

s? Round to the nearest cent. SHOW THE WORK PLEASE

2 answers:

kow [346] · Answer 1 · 2022-09-26T14:14:22+03:00

kow [346]2 years ago

8 0

Answer:

Step-by-step explanation:

$A=P(1+r/c)^{ct}\\ \\ A=4000(1+.02/12)^{12(6)}\\ \\ A\approx \$ 4509.54$

Rudik [331] · Answer 2 · 2022-09-26T12:13:13+03:00

6 0

Answer:

$12644.56

Step-by-step explanation:

one year = 12 month

4,000 * (1.02)^(6*12) = 16644.5615

16644.5615-4000 = 12644.5615