Answer:
The balance after 4 years would be $1,380.05.
Step-by-step explanation:
Given that you deposit $ 1,200 in a bank account, to find the balance after 4 years in the account pays 3.5% annual interest compounded monthly, the following calculation must be performed:
1,200 x (1 + 0.035 / 12) ^ 4x12 = X
1,200 x 1.00291666 ^ 48 = X
1,380.05 = X
Therefore, the balance after 4 years would be $1,380.05.
