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17 October, 02:28

Use the compound interest formula to compute the total amount accumulated and the interest earned.

$3500 for 4 years at 1.1% compounded monthly

The total amount accumulated after 4 years is

?

(Round to the nearest cent as needed.)

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Answers (1)
  1. 17 October, 06:01
    0
    A=3,500 * (1+0.011:12) ^ (12*4)

    A=3,657.36

    Interest earned

    =3657.36-3500=157.36
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