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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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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
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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
7.4k points
5 votes
the answer is $3448.15
User Tirtha R
by
8.1k points
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