Question

Isabel deposits $6,000 into an account that earns 1. 5% interest compounded monthly. Assuming no more deposits and no withdrawals are made, how much money is in the account after 4 years?.

Answer 1

$4,320

Explanation:

Ok, so with the information given she earns $90 every month. As there are 12 months in a year, in total she would earn $90 x 48 months. So, she would earn $4,320 if she made no deposits or withdrawals.

Hope this helps!