Question

Use the given information to find the amount of A in the account earning compound interest after 6 years when the principal is $3500. r=2.29%, compound monthly

Answer 1

$4014.98.

Explanation:

A = 3500(1 + 0.0229/12)^(6*12)

= 3500(1 + 0.0229/12)^72

= 3500(1.001908333)^72

= $4014.98.