arkmeagAnjl arkmeagAnjl

29-06-2016
Mathematics

Answered

isabel deposits$6000 into an account that earns1.5% interest compounded monthly. assuming no more deposits and no withdrawals are made, how much money is in the account after 4 years?

Verified Answer :

Kunchan Kunchan

29-06-2016

Interest earned in a month
(1.5/100) 6000
90

Number of months in 4 years
124
48

So the interest earned in 4 years
90*48
4320 dollars

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