Find the balance in the account after the given period

$4,700 deposit earning 4.2% compound monthly, after 2 years

Equation:

A = P (1 + rt)

First, converting R percent to r a decimal

r = R/100 = 4.2%/100 = 0.042 per year.

Putting time into years for simplicity,

24 months / 12 months/year = 2 years.

Solving our equation:

A = 4700 (1 + (0.042 * 2)) = 5094.8

A = $5,094.80

The total amount accrued, principal plus interest, from simple interest on a principal of $4,700.00 at a rate of 4.2% per year for 2 years (24 months) is $5,094.80.

$5,094.80 is the answer.