Question

Find the amount of money in the account after 6 years at 4% APR compounded monthly if $18000 were inititally deposited

Answer 1

22,873.35

Explanation:

A=p+I where P(principal) = 18,000

I(interest) = 4,873.35

Answer 2

A = 22,775

Explanation:

A = amount after 6 years

P = 18,000

r = 4% (in decimal = 0.04)

t = 6 years

A = 18,000 ( 1 + 0.04)^6

A = 22,775