The value is $400 invested at 4% interest compounded monthly for 10 years.

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asked Aug 7, 2019 78.8k views

1 Answer

Ettore Galli · Answer 1 · 2019-08-13T08:29:02+0000

the equation for interest is
'Initial amount (interest rate in decimal form) ^ times compounded EX: years'

your equation would be
400(1.04)^10

which equals 592.097713 (not rounded)

The value is $400 invested at 4% interest compounded monthly for 10 years.

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