Homework Help: math

Posted by Vanessa on Friday, December 16, 2011 at 3:35pm.

If you have a savings of $2235 and deposit the amount into an account that pays 2% annual interest, compounded monthly, what is the balance in the account after 4 years?

math - Damon, Friday, December 16, 2011 at 3:46pm
4 years = 48 months
interest/month = .02/12 = .00166666666
so every month multiply by 1.001666666

2235 * 1.001666666666^48 = 2420.99
or about 2421.

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