Find the balance in the account after the given period. $5,700 deposit earning 4.2% compounded monthly, after 4 years. What is the balance after 4 years?

Question

asked Dec 11, 2019 165k views

1 Answer

Sagiv Ofek · Answer 1 · 2019-12-15T03:29:44+0000

The formula is

A=p (1+r\\)^n t

A future value?

P present value 5700

R interest rate 0.042

N compounded monthly 12

T time 4years

A=5,700×(1+0.042÷12)^(12×4)

A=6,740.76