Question

Armando deposits $3,827 into a bank account paying 2.8% interest,

compounded monthly (12 times per year). How much money will he have in
his bank account after 16 years? PLEASE HELP!!

Answer 1

$745,460.8

Explanation:

2.8/100 × 3827 = $107.16

monthly = 1/12

`p = (100 * i)/(rt) = (100 * 107.16)/(2.8 * (1)/(12) ) = (10716)/(0.23) \\ = 46591.3`

$46,591.3 in 1year

16 years; $46,591.3 × 16 = $745,460.8