Register

Jennifer deposits $1,000 into an account that is compounded monthly for 4 years. The account earns 7% interest. What is the ending balance in the account at the end of the 4 yea…

Jennifer deposits $1,000 into an account that is compounded monthly for 4 years. The account earns 7% interest. What is the ending balance in the account at the end of the 4 yea…
asked 159k views
16 votes
Jennifer deposits $1,000 into an account that is compounded monthly for 4 years. The account earns 7% interest. What is the ending balance in the account at the end of the 4 years (assuming no new deposits or withdrawals)?

SHOW THE WORK PLEASE ​

asked
User Roys
by
8.3k points

1 Answer

9 votes

Answer:

1000( 1 + 7/100)^4 = 1310.79601 which is 1311

answered
User Abhijeet Kamble
by
8.5k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!