help me please and thank you

Question

Christine deposited $4000 into an account with 2.1% interest, compounded monthly. Assuming that no withdrawals are made, how much will she have in the account after 6 years?

Do not round any intermediate computations, and round your answer to the nearest cent.

$_____________

Answer 1

Compound interest:  A = P (1 + r/n) ^nt , where P = principal (400), r = rate = 0.021, n = how often compounded a year (12) and t = duration in years (6).

A = 4000 (1 + 0.021/12)^(12*6) = 4536.63

Answer 2

A = P(1 + r/n)^nt, where P = $4000, r = 2.1% = 0.021, n = 12 and t = 6 years.

We get A = 4000(1 + 2.1/12)^12·6 = $4536.63^·

Answer 3

So lets break this question down into its components:

1. she deposited $4,000 into an account = P or principal (initial amount)
2. her account has an interest rate of 2.1% = r or annual interest rate in decimal form
3. her amount was compounded monthly (meaning 12 months) = n or the number of times interest is compounded over year
4. the amount we are looking into is after 6 years = t the time in years

our equation that we will be using is the compound interest equation:

Y=P(1+ r/n )^nt plugging in what we know we get

Y=4,000(1+ 0.021/12)⁶⁽¹²⁾ = 4,536.63 extra was made so after a total of 6 years she made $8,536.63