kolbehoneyman kolbehoneyman
  • 01-04-2019
  • Mathematics
contestada

If $389 is invested @ 3.9% interest compounded monthly for 6 years what would be the total in the account?

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sqdancefan
sqdancefan sqdancefan
  • 01-04-2019

Answer:

  $491.37

Step-by-step explanation:

The appropriate formula for the future value of a single investment is ...

  A = P(1 +r/n)^(nt)

where P is the principal invested (389), r is the annual rate (0.039), n is the number of compoundings per year (12), and t is the number of years (6).

Putting the given numbers into the formula, you get ...

  A = 389·(1 +.039/12)^(12·6) = 389·1.00325^72 ≈ 491.37

The total in the account after 6 years will be $491.37.

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