Please help! Bobbi saved $1,000 in the bank. She decided to leave it there for 5 years. Find the amount of money Bobbi will have in her account after 5 years if she chooses 6.85% interest compounded monthly.

Question

anonymous · Answer

4,110

anonymous · Answer

Can you please show me how you got that answer?

anonymous · Answer

Plus her initial amount equal 5110

anonymous · Answer

So the final answer would be 5110 but can you show me? Please :)

anonymous · Answer

6.85% of 1000= 68.5 montly
in one year 68.5x12=822
in 5 years 822x5=4110
now 4110+initial account 1000=5110