Question

find the balance in the account after the given period. $3500 deposit earning 6.75% compounded monthly after 6 years

Answer 1

A = P (1 + r/n)^nt

r = interest rate
n = number of times compounded
t = number of years

A = 3500 (1 + .0675/12)^12*6

A = 5241.60
Hope this helps!