Question

You invest $3,287 in a savings account with a fixed annual interest rate of 9% compounded monthly. What is the account balance after 4 years?

Answer 1

Answer: I’m pretty sure that it’s 14199.84

Explanation:

.09 times 48 is 4.32

4.32 times 3287 is 14199.84

You get the 48 from 12 months per year for 4 years