Question

isabel deposits$6000 into an account that earns1.5% interest compounded monthly. assuming no more deposits and no withdrawals are made, how much money is in the account after 4 years?

Answer 1

Interest earned in a month
(1.5/100) * 6000
90

Number of months in 4 years
12*4
48

So the interest earned in 4 years
90*48
4320 dollars