Answer:
$23161.10
Step-by-step explanation:
Assuming this is compounded annually, we use our simple interest rate formula: A = P(1 + r)^t
Step 1: Convert months to years
60 months/12 month/year = 5 years
Step 2: Plug in known variables
A = 18400(1 + 0.0471)^5
Step 3: Solve
When you plug step 2 into your calc you should get 23161.1 as your answer. I am assuming that this isn't compounded quarterly or monthly, but just yearly.
