Question

10. You deposit $520 in an account with 4% interest
compounded monthly. What is the balance in the
account after 5 years?

Answer 1

4%/year = (1/3)% /month
every month multiply by 1.003333333333333333333333333......
for 5*12 = 60 months
so
520 * (1.003333333333333333333333333......)^60

Answer 2

Thank you SOOOO MUCH Damon

Answer 3

thank you Damon this helped a lot