A(t) = amount in t years = P(1 + r/n)nt
P = principal (initial investment
f = annual interest rate as a decimal
n = number of times that interest is compounded in one year
So, A(t) = 600(1 + 0.04/12)12(6.5) = 600(1.00333333)78 = $777.82
Interest earned = $777.82 - $600 = $177.82
Mark M.
tutor
Raise 1.0033333 to the 78th power, then multiply the result by 600.
Report
10/10/19
Milica J.
Did you multiply 600 with (1 + 0.04/12)? What happens to ^78? Did you multiply ^78?10/10/19