You are going to deposit 3500 in an account that pays 41 per

You are going to deposit $3,500 in an account that pays .41 percent interest compounded monthly. How much will you have in 7 years?

$4,955.76

$4,915.37

$4,898.65

$4,935.52

$4,940.46

this is all the information given for this problem

Solution

Value of deposit = $3,500

Monthly Interest = 0.41%

Tenure = 7 year or 84 Months.

Value after 7 year = $3,500 × (1 + 0.41%) ^ 84

= $3,500 × 1.4101

= $4,935.52.

Value in 7 year is $4,935.52.

Option (D) is correct answer.