Question

4. Marcus invested $4280 in a savings account that compounds interest monthly

at a rate of 8.5%. If he leaves the money in the account for 6 years without making any
additional deposits or withdrawals, how much money will he have in his account at the end of 6
years?

Answer 1

ask your self frist how many months is in 6 years that would be 72 months .....so now you have 8.5% interest on the amount of $4280 for 72 months.....the interest gained in 72 months would be $3047.37......$4280+$3047= $8727. I think but not 100% sure