Respuesta :
Answer: $4959.50
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 4400
r = 6% = 6/100 = 0.06
n = 12 because it was compounded 12 times in a year.
t = 2 years
Therefore,.
A = 4400(1+0.06/12)^2 × 12
A = 4400(1+0.005)^24
A = 4400(1.005)^24
A = $4959.5
Nicole have in her account in two years is $4959.5
We have given that,
P = 4400
r = 6% = 6/100 = 0.06
n = 12 because it was compounded 12 times in a year.
t = 2 years
What is the formula for compound interest?
[tex]A = P(1+r/n)^nt[/tex]
Where,A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
Therefore by using formula
[tex]A = 4400(1+0.06/12)^{2 ( 12)}\\\\A = 4400(1+0.005)^{24}\\\\A = 4400(1.005)^{24}[/tex]
A = $4959.5
she have in her account in two years is $4959.5
To learn more about the compound interest visit:
https://brainly.com/question/24924853
