Answer:
$3,928.59
Explanation:
To find the balance in the account after 6 years with a principal of $3500, earning compound interest at a rate of 2.29% compounded monthly, we can use the formula for compound interest:
A = P * (1 + r/n)^(n*t)
Where:
A = the final balance in the account
P = the principal amount (initial deposit) = $3500
r = the annual interest rate (as a decimal) = 2.29% = 0.0229
n = the number of times interest is compounded per year = 12 (monthly compounding)
t = the number of years = 6
Plugging in these values, we can calculate the balance:
A = 3500 * (1 + 0.0229/12)^(12*6)
A = 3500 * (1.0019083)^(72)
A ≈ $3,928.59
So, the balance in the account after 6 years, with a principal of $3500, earning compound interest at a rate of 2.29% compounded monthly, would be approximately $3,928.59.