You deposited $5500 in a account that pays 3.6% annual interest. find the balance after 2 years if the interest is compound monthly

$5,909.97

Step-by-step explanation:

We will use the compound interest formula for this problem as shown below:

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First, change 3.6% into a decimal:

3.6% -> -> 0.036

Now plug in the values:

After 2 years, the balance would be $5,909.97

step-by-step explanation:

ok so im not 100% sure but you would start by adding 5.1t and 1.9t beacuse they have the same variable. that is 7t.   then add -3.6 + 1.2 which is -2.4

so then keep that as -2.4 + 7t. i apologize if this is incorrect. best luck on your test < 3