Is the x2 supposed to be squared?
70,000 * (1+.022/12)^(12*20)
70,000 * (1.552081849 = 108,645.73
108,645.73 - 70,000 = $38,645.73 in interest in 20 years
Answer:
balance after 4 years = $4502
Step-by-step explanation:
Formula to get the final amount when compounded annually is,
Final amount = 
Here, r = rate of interest
n = number of compounding per year
t = Duration of investment
From the given question,
Final amount = 
= 
= 4502.0352
≈ $4502
Therefore, balance after 4 years = $4502