Question

I need this answer asap

John deposited $2860 in a bank that pays 9% interest, compounded monthly. Find the amount he will have at the end of 3 years. a. $3742.73 c. $8044.22 b. $3128.29 d. $3632.20

Answer 1

First, converting R percent to r a decimal
r = R/100 = 9%/100 = 0.09 per year,
then, solving our equation

A = 2860(1 + (0.09 × 3)) = 3632.2
A = $ 3,632.20

The total amount accrued, principal plus interest,
from simple interest on a principal of $ 2,860.00
at a rate of 9% per year
for 3 years is $ 3,632.20.

Answer 2

The equation says
A=p(1+i/m)^mn
A=2,860×(1+0.09÷12)^(12×3)
=3,742.73