Can u guys PLEASE answer this question ASAP.
Calculate the final investment amount if the interest is compounded monthly.
$4000 at 12% p. a. for 4 years

the final investment amount is $6449

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = 4000

r = 12% = 12/100 = 0.12

n = 12 because it was compounded 12 times in a year.

t = 4 years

Therefore,.

A = 4000(1 + 0.12/12)^12 × 4

A = 4000(1+ 0.01)^48

A = 4000(1.01)^48

A = $6449

step-by-step explanation: