Question

You deposit $1500 in a bank account that pays 4% annual interest. Find the balance
after 6 years if the interest is compounded monthly. Round to the nearest cent.
Growth

Answer 1

Answer:

$1,901.56

Step-by-step explanation:

$A = 1,500 (1 + \frac{0.04}{12}) ^{12 x 6} \\\\ = 1,500 (1.0033)^{72}\\ \\ = 1,500 (1.2677)\\\\ = 1,901.56$