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

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asked Sep 23, 2018 41.5k views

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Monkrus · Answer 1 · 2018-09-24T15:47:35+0000

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!

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

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