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25 April, 06:21

Find the balance in the account. $4,100 principal earning 4%, compounded monthly, after 10 years

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  1. 25 April, 06:27
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    The formula is

    A=p (1+r/k) ^kt

    A future value?

    P present value 4100

    R interest rate 0.04

    K compounded monthly 12

    T time 10 years

    A=4,100 * (1+0.04:12) ^ (12*10)

    A=6,112.41 ... answer
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