SOLUTION: 4. An initial deposit of $350 dollars was made 5 years ago. The bank has compounded 4% interest monthly for 5 years. How much is in the account to the nearest dollar?

Algebra ->  Polynomials-and-rational-expressions -> SOLUTION: 4. An initial deposit of $350 dollars was made 5 years ago. The bank has compounded 4% interest monthly for 5 years. How much is in the account to the nearest dollar?      Log On


   

Question 732649: 4. An initial deposit of $350 dollars was made 5 years ago. The bank has compounded 4% interest monthly for 5 years. How much is in the account to the nearest dollar?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
FV=350(1+0.04/12)^12*5
FV=350(1.0033333)^60
FV=350*1.22
FV=$427