Question

PLS HURRY ITS FOR AN EXAM!!!

If you deposit $4,000 into an account paying 5% annual interest compounded monthly, how
much money will be in the account after 10 years? Round your answer to two decimal places.

Answer 1

6000

Explanation:

start by finding what 5% of 4000 is by multiply 4000 by .05 then take that number times it by ten to find the amount accumulated over the ten years and add it to the deposit of 4000

4000 * .05 = 200

200 * 10 = 2000

2000 + 4000 = 6000