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A new savings account is opened with $700 and gains 3.1% annual interest compounded monthly. How much is in the account after 3 years A)$2100.92 B)$1753.33 C)$768.13 D)$705.44

A new savings account is opened with $700 and gains 3.1% annual interest compounded monthly. How much is in the account after 3 years A)$2100.92 B)$1753.33 C)$768.13 D)$705.44
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A new savings account is opened with $700 and gains 3.1% annual interest compounded monthly. How much is in the account after 3 years

A)$2100.92
B)$1753.33
C)$768.13
D)$705.44

User Ubaldo
by
8.0k points

1 Answer

0 votes
A=700×(1+0.031÷12)^(12×3)
A=768.13
User Pete Brumm
by
8.2k points
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