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17 January, 03:33

Find the balance in the account after the given period. $5,700 deposit earning 4.2% compounded monthly, after 4 years. What is the balance after 4 years?

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  1. 17 January, 04:03
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    The formula is

    A=p (1+r/n) ^n t

    A future value?

    P present value 5700

    R interest rate 0.042

    N compounded monthly 12

    T time 4years

    A=5,700 * (1+0.042:12) ^ (12*4)

    A=6,740.76
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