Question

you deposit $1,200 in a bank account. Find the balance after 4 years in the account pays 3.5% annual interest compounded monthly​

Answer 1

The balance after 4 years in account pays 3.5% annual interest compounded monthly is 1308.05$

Answer 2

The balance after 4 years would be $1,380.05.

Explanation:

Given that you deposit $ 1,200 in a bank account, to find the balance after 4 years in the account pays 3.5% annual interest compounded monthly, the following calculation must be performed:

1,200 x (1 + 0.035 / 12) ^ 4x12 = X

1,200 x 1.00291666 ^ 48 = X

1,380.05 = X

Therefore, the balance after 4 years would be $1,380.05.