Question

Tom deposited $2410 in a bank that pays 12% interest, compounded monthly. how much will he have in 3 years.

Answer 1

`\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$2410\\ r=rate\to 12\%\to (12)/(100)\to &0.12\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus} \end{array}\to &12\\ t=years\to &3 \end{cases} \\\\\\ A=2410\left(1+(0.12)/(12)\right)^(12\cdot 3)`