Isabel deposits $6,000 into an account that earns 1.5% interest compounded monthly. Assuming no more deposits and no withdrawals

Question

2 years ago

11

Isabel deposits $6,000 into an account that earns 1.5% interest compounded monthly. Assuming no more deposits and no withdrawals

are made, how much money is in the account after 4 years? Compound interest formula:mc002-1.jpg t = years since initial deposit n = number of times compounded per year r = annual interest rate (as a decimal) P = initial (principal) investment V(t) = value of investment after t years

Mathematics

2 answers:

Dovator [93] · Answer 1 · 2023-09-07T07:06:23+03:00

Dovator [93]2 years ago

8 0

Start - 6000
after 2 years - $8577.01

Nookie1986 [14] · Answer 2 · 2023-09-07T08:06:37+03:00

Nookie1986 [14]2 years ago

3 0

Answer:

The answer is $6,370.78

Step-by-step explanation:

I did the test on Edge