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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. …

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. …
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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
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2 Answers

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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
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9.2k points
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