Melissa made a deposit of $554.00 into a bank account that earns interest at 10.5% compounded monthly. The deposit eams

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Melissa Made A Deposit Of 554 00 Into A Bank Account That Earns Interest At 10 5 Compounded Monthly The Deposit Eams 1 (25.03 KiB) Viewed 70 times

Melissa made a deposit of $554.00 into a bank account that earns interest at 10.5% compounded monthly. The deposit eams interest at that rate for four years. (a) Find the balance of the account at the end of the period. (b) How much interest is earned? (c) What is the effective rate of interest? (a) The balance at the end of the period is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest earned is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (c) The effective rate of interest is % (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)