Autumn deposited $500 into a saving account with a 1.8% interest rate, compounding monthly. After 4 years

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Mathematics

Yair Carpenter

8 November, 10:37

Autumn deposited $500 into a saving account with a 1.8% interest rate, compounding monthly. After 4 years

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Pasha · Answer 1

Using the formula for it, we have 500 (1+0.018/12) ^ (4*12) because 500 is the starting value, 1.8% = 0.018, and it's compounded 12 times/year. Plugging all that into a calculator, we have approximately 537.30 dollars after 4 years or 37.30 dollars in gained interest