SOLUTION: If you deposit $1,000 in your bank account, how much will be in the account After 3 years with 4% annual interest compounded monthly?
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Question 1102760: If you deposit $1,000 in your bank account, how much will be in the account After 3 years with 4% annual interest compounded monthly?
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Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Compound interest formula
P=Po(1+(r/n))^nt, r is the rate, n the number of compoundings per year, t the number of years, Po the starting value
P=1000(1+(.04/12))^36
round at end
P=$1127.27
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