You deposit $4000 in an account that pays 2.88% annual interest. Find the balance after 2 years when the interest is compounded
1 answer:
Answer:
$4,236.87
Explanation:
A = $ 4,236.87
A = P + I where
P (principal) = $ 4,000.00
I (interest) = $ 236.87
This is the formula:
A = P(1 + r/n)nt
A = 4,000.00(1 + 0.0024/12)(12)(2)
A = $ 4,236.87
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