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harina [27]
3 years ago
12

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

s? Round to the nearest cent. SHOW THE WORK PLEASE​
Mathematics
2 answers:
kow [346]3 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]3 years ago
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

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