Mark invested $4000 in a bank with a 10% monthly interest. How much money will he have after 40 months if the interest covers the previous amount plus interest.

Question

anonymous · Answer

find the interest for the next 40 months 
that is 
10/100 * 4000 = $400 per month 
for 40 months = $400 * 40= $16000

Total amount = previous amount + interest
= 4000 + 16000 ?

moongazer · Answer

not that one 
for example during the first month I got $4200
then for the 2nd month i will have 4200*.05 = 210
4200+210= $4410
I will have $4410 in the 2nd month
and so on until I arrive at 40 months

anonymous · Answer

i think u hve to do it, one by one. since it is a compund interest>

moongazer · Answer

I got it already :)
I found an online calculator that computes things like this. 
Anyway, thanks for the help. :)

anonymous · Answer

:)