Step-by-step explanation:
To calculate the amount you will have in the account after 13 years, you can use the compound interest formula: A = P(1 + r/n)^(nt), where A is the final amount, P is the principal amount (initial deposit), r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the number of years. In this case, the initial deposit is $5700, the annual interest rate is 4.7%, and the interest is compounded monthly (n = 12). Plugging in these values into the formula, you can calculate the final amount.
Related topics:
Compound Interest Calculator
Effects of Different Interest Rates on Savings
Comparing Different Compounding Periods