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Isabel deposits $6,000 into an account that earns 1.5% interest compounded monthly. Assuming no more deposits and no withdrawals are made, how much money is in the account after…

Isabel deposits $6,000 into an account that earns 1.5% interest compounded monthly. Assuming no more deposits and no withdrawals are made, how much money is in the account after…
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Isabel deposits $6,000 into an account that earns 1.5% interest compounded monthly. Assuming no more deposits and no withdrawals are made, how much money is in the account after 4 years?

asked
User Jonathan Brown
by
8.4k points

1 Answer

2 votes
A=6,000×(1+0.015÷12)^(12×4)
A=6,370.78
answered
User Vinay W
by
8.1k points
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