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You deposit $2200 in a bank account. Find the balance after 4 years if the account pays 2.25% annual interest compounded monthly. I need help with a good explanation please, tysm to whoever can help!
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You deposit $2200 in a bank account. Find the balance after 4 years if the account pays 2.25% annual interest compounded monthly.

I need help with a good explanation please, tysm to whoever can help!

User Jonathan Chaplin
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1 Answer

4 votes

Answer:2200(1+0.0225/12) raised to the power of 12(4)

2200(1.001875) raised to the power of 12(4)

2204.125 raised to the power of 12(4)

2.98771099E160

or 2.98771099 multiplied by 10 to the 160th power

Explanation:

User Arun Avanathan
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7.6k points
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