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4000 is invested for 13 years with an APR of 2.48% and monthly compounding. what would The balance in the account after 13 years.

Solución

4000 is invested for 13 years with an APR of 2.48% and monthly compounding. what would The balance in the account after 13 years.

Solución

Amount : 5519.91

Pasos de solución

Translate the problem into an equation:

A = 4000 (1 + \frac{0.0248}{12})^{12 \cdot 13}

4000 (1 + \frac{0.0248}{12})^{12 \cdot 13} = 5519.91064 \dots

Round to the nearest hundredth:

5519.91

Amount : 5519.91

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