Ask Question
22 October, 14:03

Linda deposited $4000 into an account with 5.7% interest, compounded monthly. Assuming that no withdrawals are made, how much will she have in the account after 4 years? Do not round any intermediate computations, and round your answer to the nearest cent.

+3
Answers (1)
  1. 22 October, 15:01
    0
    The formula is

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

    A future value?

    P present value 4000

    R interest rate 0.057

    K compounded monthly 12

    N time 4years

    A=4,000 * (1+0.057:12) ^ (12*4)

    A=5,021.63
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Linda deposited $4000 into an account with 5.7% interest, compounded monthly. Assuming that no withdrawals are made, how much will she have ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers