Question

Rick invest $5,830 into a retirement saving account. The account compounds at 3.2% monthly for. How much money will Rick have in 4 years? Show work. Use comma and dollar signs in the final answer.

Answer 1

$746.24

Explanation:

3.2/100 = 0.032

5,830 X 4 = 23,320

23,320 X 0.032 = 746.24