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Use the given information to find the amount of A in the account earning compound interest after 6 years when the principal is $3500. r=2.29%, compound monthly
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Use the given information to find the amount of A in the account earning compound interest after 6 years when the principal is $3500. r=2.29%, compound monthly

User AllmanTool
by
3.1k points

1 Answer

5 votes

Answer:

$4014.98.

Explanation:

A = 3500(1 + 0.0229/12)^(6*12)

= 3500(1 + 0.0229/12)^72

= 3500(1.001908333)^72

= $4014.98.

User Ace Falobi
by
3.6k points
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