Question

If 2000 dollars is invested in a bank account at an interest rate of 4 per cent per year, then what is the amount in the bank after 6 years if interest is compounded monthly?

Answer 1

Answer:

A = $ 2,541.48

A = P + I where

P (principal) = $ 2,000.00

I (interest) = $ 541.48

Step-by-step explanation: