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Find the balance in the account. $4,100 principal earning 4%, compounded monthly, after 10 years
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1 vote
Find the balance in the account. $4,100 principal earning 4%, compounded monthly, after 10 years

User Jbrulmans
by
8.4k points

2 Answers

6 votes
The formula is
A=p (1+r/k)^kt
A future value?
P present value 4100
R interest rate 0.04
K compounded monthly 12
T time 10 years
A=4,100×(1+0.04÷12)^(12×10)
A=6,112.41. ..answer
User BastanteCaro
by
8.3k points
4 votes

$4100*(1+0.04/12)^(12*10)

4100*1.490832682=

$6112.41

User Sajalsuraj
by
9.1k points
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