Question

Find the balance in the account after the given period.

$3500 deposit earning 6.75% compounded monthly, after 6 months.

Answer 1

First, you need a formula

Answer 2

Total = Principal * (1 + (.0675/12))^12*.5
Total = 3,500 * (1 + (.0675/12))^6
Total = 3,500 * (1 + (0.005625))^6
Total = 3,500 * (1.005625)^6
Total = 3,619.7986439863
Total = 3,619.80 (rounded)