Isabel deposits $6,000 into an account that earns 1.5% interest compounded monthly. Assuming no more deposits and no
withdrawals are made, how much money is in the account after 4 years?
Compound interest formula: V(t)= P(1+
t = years since initial deposit
n = number of times compounded per year
r= annual interest rate (as a decimal)
P = initial (principal) investment
V(t) = value of investment after t years
O $6,360.00
O $6,370.78
$7,180.89
O $10,892.13