Answer:
$4,974.31
Step-by-step explanation:
First, convert R as a percent to r as a decimal
r = R/100
r = 3.7/100
r = 0.037 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 4,000.00(1 + 0.037/1)(1)(6)
A = 4,000.00(1 + 0.037)(6)
A = $4,974.31
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $4,000.00 at a rate of 3.7% per year compounded 1 times per year over 6 years is $4,974.31.
