Find the balance in the account after the given period. $ 3 comma 900 deposit earning 3.9 % compounded​ monthly, after 2 years. Question content area bottom Part 1

Answer 1

A = P(1+r/n)^nt is the general formula for compound interest

r= annual interest rate = APR = .039 = 3.9%

n= number of compounding periods annually = 12 for monthly compounding

t = number of years = 2 in this problem

P = $900

A = 900(1+.039/12)^12(6)

=about $1,136.85 rounded to nearest cent

= Amount after 2 years at 3.9% compounded interest with deposit of $900

but wait maybe you meant the deposit was $3,900+P? if so then

A= $4,926.34

use a calculator