Jenna invests in a savings account that has an annual interest rate of 12% compounded monthly. Jenna initially deposits $2673. How much money will Jenna have after 4 years?

Answer 1

P = Po(1+r)^t.

Po = $2873.

r = 0.12/12mo. = 0.01/mo.

t = 12mo/yr. * 4yts = 48 mo.