Asked by Name

10. You deposit $520 in an account with 4% interest
compounded monthly. What is the balance in the
account after 5 years?
Answered by Damon
4%/year = (1/3)% /month
every month multiply by 1.003333333333333333333333333......
for 5*12 = 60 months
so
520 * (1.003333333333333333333333333......)^60
Answered by Name
Thank you SOOOO MUCH Damon
Answered by ronald mic dooooonald
thank you Damon this helped a lot
There are no AI answers yet. The ability to request AI answers is coming soon!