If $1,000 is invested at an interest rate of 10% per year, compounded monthly, find the amount of the investment at the end of 4 years

$1489.35

General Formulas and Concepts;

Pre-Algebra

Order of Operations: BPEMDAS

Brackets Parenthesis Exponents Multiplication Division Addition Subtraction Left to Right

Algebra I

Compounded Interest Rate Formula:

P is principle amountr is raten is compounded ratet is time (in years)

Step-by-step explanation:

Step 1: Define

Identify variables

P = 1000

r = 10% = 0.1

n = 12

t = 4

Step 2: Solve for A

Substitute in variables [Compounded Interest Rate Formula]:                     (Parenthesis) Add:                                                                                            [Exponents] Multiply:                                                                                        Evaluate exponents:                                                                                         Multiply:                                                                                                            

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