Question

Find the balance in the account after the given period. $7,700 deposit earning 3.9% compounded monthly, after 4 years.​

Answer 1

`~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$7700\\ r=rate\to 3.9\%\to (3.9)/(100)\dotfill &0.039\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &4 \end{cases} \\\\\\ A = 7700\left(1+(0.039)/(12)\right)^(12\cdot 4)\implies A=7700(1.00325)^(48) \implies A \approx 8997.69`