Answer:
$491.37
Step-by-step explanation:
The appropriate formula for the future value of a single investment is ...
A = P(1 +r/n)^(nt)
where P is the principal invested (389), r is the annual rate (0.039), n is the number of compoundings per year (12), and t is the number of years (6).
Putting the given numbers into the formula, you get ...
A = 389·(1 +.039/12)^(12·6) = 389·1.00325^72 ≈ 491.37
The total in the account after 6 years will be $491.37.
