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The value is $400 invested at 4% interest compounded monthly for 10 years.

The value is $400 invested at 4% interest compounded monthly for 10 years.
asked 78.8k views
4 votes
The value is $400 invested at 4% interest compounded monthly for 10 years.

asked
User Thomas Sauvajon
by
8.4k points

1 Answer

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the equation for interest is
'Initial amount (interest rate in decimal form) ^ times compounded EX: years'

your equation would be
400(1.04)^10

which equals 592.097713 (not rounded)
answered
User Ettore Galli
by
7.5k points
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