SOLUTION: Is It A? I'm checking my answers.
Sam deposited $4400 in a savings account earning 6% compounded monthly. If she makes no other deposits or withdrawals, how much will she have i
Algebra.Com
Question 1160603: Is It A? I'm checking my answers.
Sam deposited $4400 in a savings account earning 6% compounded monthly. If she makes no other deposits or withdrawals, how much will she have in her account in two years?
A. $4959.50
B. $4928.00
C. $9342.76
D. $9328.00
The question is provided in the link here: https://i.imgur.com/Id03qWq.png
Found 2 solutions by MathLover1, jim_thompson5910:
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!
yes, it is A
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
P = amount deposited, aka principal = 4400
r = interest rate in decimal form = 0.06
n = number of times money is compounded per year = 12 (aka monthly)
t = number of years = 3
Compound interest formula
A = P*(1+r/n)^(n*t)
A = 4400*(1+0.06/12)^(12*2)
A = 4400*(1+0.005)^(24)
A = 4400*(1.005)^(24)
A = 4400*1.12715977620539 which is approximate
A = 4959.50301530371
A = 4959.50
You have the correct answer. Nice work.
RELATED QUESTIONS
If $1,000 is deposited for 6 years in a savings account earning 3.6% interest compounded... (answered by Theo)
If Jackson deposited $400 at the end of each month in the saving account earing interest... (answered by mananth,math_tutor2020,ikleyn,greenestamps,MathTherapy)
$1000 is deposited in a savings account that pays an annual rate of 6%, compounded... (answered by stanbon)
Suppose Jorge Otero has set up an annuity due with a certain credit union. At the... (answered by Theo)
Suppose Jorge Otero has set up an annuity due with a certain credit union. At the... (answered by math_helper)
If Jackson deposits $130 at the end of each month in a savings account earning interest... (answered by jorel1380)
Tammy deposited $50 in a savings account earning 10% interest, compounded annually.
To (answered by ewatrrr)
Shari wishes to place part of $ 12000 into a savings account earning 8 % simple interest... (answered by mananth)
If Jackson deposits $100 at the end of each month in a savings account earning interest... (answered by oscargut)