Homework Answers
Principal, P = $ 5,000
Interest rate per period, i = 0.54% per month
Nos. of period held, n = Nos. of months in 4 years = 12 x 4 = 48 months
Hence, Amount in your saving account = A = P x (1 + i)n = $ 5,000 x (1 + 0.54%)48 = $ 6,474.95
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