How much wood $400 be worth after 11 years if it were invested at 4% interest compounded monthly? (use the formula below and round your answer to the nearest cent.) a(t)=p(1+r/n)^nt

Here we are given the formula for compound interest as :

Here

A= Amount

P=Principal

r=rate of interest

n=number of times interest is compounded per year

t=time(years)

So we are given

P= $400

r=4% or 0.04

t= 11 years

n= 12

Plugging these values in the formula for compound interest we have,

A= $620.6286

Amount = $620.6

The final amount after 11 years will be $620.6 .

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