Question

You deposit $2,200 in a bank account. Find the balance after 4 years if the account

pays 2.25% annual interest compounded monthly.

Answer 1

Explanation:

2200(1+0.0225/12) raised to the power of 12(4)

2200(1.001875) raised to the power of 12(4)

2204.125 raised to the power of 12(4)

2.98771099E160

or 2.98771099 multiplied by 10 to the 160th power