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Find the amount of money in the account after 6 years at 4% APR compounded monthly if $18000 were inititally deposited

Respuesta :

Answer:

22,873.35

Step-by-step explanation:

A=p+I where P(principal) = 18,000

I(interest) = 4,873.35

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Answer:

A = 22,775

Step-by-step explanation:

A = amount after 6 years

P = 18,000

r = 4%  (in decimal = 0.04)

t = 6 years

A = 18,000 ( 1 + 0.04)^6

A = 22,775

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