brady83 brady83

03-06-2020
Mathematics

contestada

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

Respuesta :

nanaekuaankoma nanaekuaankoma

03-06-2020

Answer:

$1,901.56

Step-by-step explanation:

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

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