Question 1175394: You deposit $4000 in an account earning 2% compounded interest monthly. How much will you have in the account in 10 years?
Found 2 solutions by ikleyn, ewatrrr:
Answer by ikleyn(52786)   (Show Source):
You can put this solution on YOUR website! .
How much =  = 4884.80 dollars. ANSWER
For all details, theory, explanations and numerous examples of solved problems, see the lessons
- Compounded interest percentage problems
- Problems on discretely compound accounts
in this site, and learn the subject from there.
After reading these lessons, you will tackle such problems on your own without asking for help from outside.
Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.
The referred lessons are the part of this online textbook under the topic "Logarithms".
Save the link to this online textbook together with its description
Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson
to your archive and use it when it is needed.
Happy learning (!)
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The answer by @ewatrrr is different from my, since she makes intermediate rounding on the way;
I do not make intermediate rounding --- I round at the end, only, according to commonly accepted rules.
So, in sake of your safety, you better IGNORE her post.
Answer by ewatrrr(24785)  (Show Source):
You can put this solution on YOUR website!
Hi
In General 
A = Accumulated Amount
P= principal = 4000
r= annual rate = .02
n= periods per year = 12
t= years = 10
Wish You the Best in your Studies.
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