Answer: $4959.50
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 4400
r = 6% = 6/100 = 0.06
n = 12 because it was compounded 12 times in a year.
t = 2 years
Therefore,
A = 4400(1 + 0.06/12)^12 × 2
A = 4400(1+0.005)^24
A = 4400(1.005)^24
A = 4959.5
