Use the formula below to find the value of $400 invested at 4% interest compounded monthly for 10 years. step 1: find the value of each of the following for this problem:

See below

Step-by-step explanation:

Step 1.

P = $400

r = 0.04

t = 10 years

n = 12  ( as there are 12 months in a year).

Step 2.

A(10) = 400(1 + 0.04/12)^12^10

= 400 * 1.00333333^120

= $596.33 to the nearest hundredth (answer).

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