YOU DEPOSIT $520.00 IN AN ACCOUNT WITH 4% INTEREST COMPOUNDED MONTHLY WHAT IS THE BALANCE IN THE ACCOUNT AFTER 5 YEARS

520 X 1 + 0.04/12^60 IS THIS RIGHT WAY TO DO THIS

520 X [1 + (0.04/12)]^60 IS THIS RIGHT WAY TO DO THIS

just clarifying

To calculate the balance in the account after 5 years with an initial deposit of $520.00 and a 4% interest compounded monthly, you can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A = the final balance in the account
P = the principal amount (initial deposit)
r = the annual interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the number of years

In this case, you have:
P = $520.00
r = 4% = 0.04 (as a decimal)
n = 12 (compounded monthly)
t = 5 years

Now let's plug these values into the formula:

A = 520(1 + 0.04/12)^(12*5)

A = 520(1 + 0.003333)^60

A = 520(1.003333)^60

To calculate this, we can use a calculator or a spreadsheet. The answer is approximately $621.91.

So, the balance in the account after 5 years would be around $621.91 if $520.00 is deposited with a 4% interest compounded monthly.