Question

Mark invests $2000 at an interest rate of 1.4%, compounded monthly. How much money will he have in the account after 7 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 &\$2000\\ r=rate\to 1.4\%\to (1.4)/(100)\dotfill &0.014\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &7 \end{cases} \\\\\\ A = 2000\left(1+(0.014)/(12)\right)^(12\cdot 7) \implies A \approx 2205.80`