Linda deposited $4000 into an account with 5.7% interest, compounded monthly. Assuming that no withdrawals are made, how much will she have in the account after 4 years? Do not round any intermediate computations, and round your answer to the nearest cent.

Question

Mathematics

Myah Sellers

1 August, 18:46

Linda deposited $4000 into an account with 5.7% interest, compounded monthly. Assuming that no withdrawals are made, how much will she have in the account after 4 years? Do not round any intermediate computations, and round your answer to the nearest cent.

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Answers (1)

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Jocelyn Gibson · Answer 1

The formula is

A=p (1+r/k) ^kn

A future value?

P present value 4000

R interest rate 0.057

K compounded monthly 12

N time 4years

A=4,000 * (1+0.057:12) ^ (12*4)

A=5,021.63