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Jennifer deposits $1,000 into an account that is compounded monthly for 4 years. The account earns 7% interest. What is the ending balance in the account at the end of the 4 years (assuming no new deposits
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Jennifer deposits $1,000 into an account that is compounded monthly for 4 years. The account earns 7% interest. What is the ending balance in the account at the end of the 4 years (assuming no new deposits or withdrawals)?

SHOW THE WORK PLEASE ​

User Roys
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9 votes

Answer:

1000( 1 + 7/100)^4 = 1310.79601 which is 1311

User Abhijeet Kamble
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