math
posted by Vanessa on .
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?

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.