Answered

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$4000 is invested for a living years with an APR of 2% in monthly compounding. What is the balance after 11 years

Sagot :

Marver1ck

Answer:

$4983.39

Step-by-step explanation:

We can use the formula for compound interest:

A = [tex]P(1 + r/n)^{(n)(t)}[/tex]

Where:

A = the final balance

P = the principal amount

r = the annual interest rate

n = the number of times interest is compounded per year

t = the number of years

In this case:

P = $4000

r = 2% = 0.02

n = 12

t = 11 years

A = [tex]4000(1 + 0.02/12)^{132}[/tex]

A ≈ $4983.39

So, the balance after 11 years is $4983.39.

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