Question 1160603
<font color=black size=3>
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


You have the correct answer. Nice work.
</font>