SOLUTION: If $3000 is deposited in a bank account paying 4% compounded monthly, what amount will be in the account after 4 years? How much interest will be earned during the 4 years?
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Question 445530: If $3000 is deposited in a bank account paying 4% compounded monthly, what amount will be in the account after 4 years? How much interest will be earned during the 4 years?
The amount after 4 years will be $________.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If $3000 is deposited in a bank account paying 4% compounded monthly, what amount will be in the account after 4 years? How much interest will be earned during the 4 years?
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A(t) = P(1+(r/n))^(nt)
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A(4) = 3000(1+(0.04/12))^(12*4)
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A(4) = 3000(1.1732)
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A(4) = $3519.60
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Amount of interest = $519.60
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Cheers,
Stan H.
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