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04-03-2021
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You deposit $4000 in an account that pays 2.88% annual interest. Find the balance after 2 years when the interest is compounded
monthly

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poetwithamission poetwithamission

04-03-2021

Answer:

$4,236.87

Explanation:

A = $ 4,236.87

A = P + I where

P (principal) = $ 4,000.00

I (interest) = $ 236.87

This is the formula:

A = P(1 + r/n)nt

A = 4,000.00(1 + 0.0024/12)(12)(2)

A = $ 4,236.87

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