Answer:
The Amount in account after 6 years is $4014.976
Step-by-step explanation:
Given as :
The principal = p = $3500
The rate of interest = r = 2.29% compounded monthly
The time period = t = 6 years
Let The Amount in account after 6 years = $A
From Compound Interest method
Amount = Principal × [tex](1+\dfrac{\textrm rate}{12\times 100})^{12\times time}[/tex]
Or, A = p × [tex](1+\dfrac{\textrm r}{12\times 100})^{12\times t}[/tex]
Or, A = $3500 × [tex](1+\dfrac{\textrm 2.29}{12\times 100})^{12\times 6}[/tex]
Or, A = $3500 × [tex](1.0019083)^{72}[/tex]
Or, A = $3500 × 1.147136
∴ A = $4014.976
So,The Amount in account after 6 years = A = $4014.976
Hence, The Amount in account after 6 years is $4014.976 Answer
