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Bill invested 4200 in an account that pays an annual interest rate of 3.1%, compounded monthly. Find the amount in the account after one year, assuming no withdrawals are made.Do not round any intermediate computations, and round your answer to the nearest cent.

Solución

Solución

Amount : 4332.07

Pasos de solución

Translate the problem into an equation:

A = 4200 (1 + \frac{0.031}{12})^{12 \cdot 1}

4200 (1 + \frac{0.031}{12})^{12 \cdot 1} = 4332.06594 \dots

Round to the nearest hundredth:

4332.07

Amount : 4332.07

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