Asked by Kaai97

Find the balance in the account after the given period.
$3500 deposit earning 6.75% compounded monthly, after 6 months

a. $3,619.80
b. $3,743.70
c. $3,748.22
d. $4,860.36
Answered by Henry
P = Po(1+r)^n.

Po = $3500, r = (6.75%/12)/100% =
0.005625 = Monthly % rate expressed as a decimal.

n = 1Comp./mo. * 6mo = 6 Compounding periods.

P = ?.
Answered by Anonymous
A. $3,619.80