Register
Markiya deposited $500 in a savings account. The annual interest rate is 2%, and the interest is compounded monthly. Write a compound interest function to model this situation. Then find the balance in
87.9k views
2 votes
Markiya deposited $500 in a savings account. The annual interest rate is 2%, and the interest is compounded monthly. Write a compound interest function to model this situation. Then find the balance in Markiya’s account after 4 years.

User Aleksey Vlasenko
by
7.4k points

2 Answers

0 votes
I agree the answer is 40 dollars. 
User Antonia
by
7.3k points
2 votes
I=Prt
I=500*0.02*4
I=$40

So, basically the answer is $40.
User Puddi
by
9.0k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.1m answers

Other Questions

What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!