Question

Use the compound interest formula to compute the total amount accumulated and the interest earned.

​$3500 for 4 years at 1.1% compounded monthly
The total amount accumulated after 4 years is ​

?

​(Round to the nearest cent as​ needed.)

Answer 1

A=3,500×(1+0.011÷12)^(12×4)
A=3,657.36

Interest earned
=3657.36-3500=157.36