Returning to Kerry and Megan (Exercise 36), what would their account be worth if their account was compounded monthly?

Recall that the formula for interest compounded yearly is \(A=P(1+r)^{t}\), where \(A\) is the amount in the account after \(t\) years, \(P\) is the initial amount deposited, and \(r\) is the interest rate per year. However, if the account is compounded monthly, the formula changes to \(A=P\left(1+\frac{r}{12}\right)^{12 t}\).

Data from Exercises 36

Kerry and Megan deposit \(\$ 6,000\) dollars in and account bearing \(4 \%\) compounded yearly. If they do not deposit any more money in that account, how much will be in the account after 40 years?