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 ->
Sequences-and-series
-> 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
Log On
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!
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
(