crlawer1959 crlawer1959

13-10-2021
Mathematics

contestada

Find the balance in the account with a principal of $4,100 earning 5% compounded monthly after 24 years.

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jenniferracer10 jenniferracer10

13-10-2021

Answer:

The formula is

A=p (1+r/k)^kt

A future value?

P present value 4100

R interest rate 0.04

K compounded monthly 12

T time 10 years

A=4,100×(1+0.04÷12)^(12×10)

A=6,112.41. ..answer

Step-by-step explanation:

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