Register

Tom deposited $2410 in a bank that pays 12% interest, compounded monthly. Find the amount he will have at the end of 3 years

Tom deposited $2410 in a bank that pays 12% interest, compounded monthly. Find the amount he will have at the end of 3 years
41.5k views
4 votes
Tom deposited $2410 in a bank that pays 12% interest, compounded monthly. Find the amount he will have at the end of 3 years

User Yoshiko
by
8.1k points

2 Answers

6 votes
The formula is
A=p (1+r/k)^kt
A future value?
P present value 2410
R interest rate 0.12
K compounded monthly 12
T time 3years
A=2,410×(1+0.12÷12)^(12×3)
A=3,448.15

Hope it helps!
User Monkrus
by
8.0k points
5 votes
the answer is $3448.15
User Tirtha R
by
8.5k points
← Prev Question Next Question →

Related questions

User Winkbrace
asked Nov 21, 2018 22.1k views
Tom deposited $2410 in a bank that pays 12% interest, compounded monthly. how much will he have in 3 years.
Winkbrace asked Nov 21, 2018
by Winkbrace
7.9k points
1 answer
3 votes
22.1k views
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!