Answer:
1079.9
Step-by-step explanation:
A = P(1 + [tex]\frac{r}{n}[/tex])^nt
A: ending amount
P: principal (850)
r: interest rate in decimal form (.06)
n: compounding periods, 12 months in a year.
t: time in years (4)
= 850(1 + .06/12)^12(4)
= 850(1.005)⁴⁸
= 850(1.2704891)
= 1079.9157
