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If 2000 dollars is invested in a bank account at an interest rate of 4 per cent per year, then what is the amount in the bank after 6 years if interest is compounded monthly?
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If 2000 dollars is invested in a bank account at an interest rate of 4 per cent per year, then what is the amount in the bank after 6 years if interest is compounded monthly?

User Maxime Lechevallier
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1 Answer

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Answer:

A = $ 2,541.48

A = P + I where

P (principal) = $ 2,000.00

I (interest) = $ 541.48

Explanation:

If 2000 dollars is invested in a bank account at an interest rate of 4 per cent per-example-1
User Polis
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