Tom deposited $2,410 in a bank that pays 12% interest compounded monthly find the amount he will have at the end of three years

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Pacreely asked Oct 12, 2022

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Tom deposited $2,410 in a bank that pays 12% interest compounded monthly find the amount he will have at the end of three years

Mathematics
college

Pacreely asked Oct 12, 2022

by Pacreely

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Answer: 3448.15

Explanation:

The formula is

A=p ((1+(r/n))^(tn)

A future value ?

P present value 2410

R interest rate 0.12

N compounded monthly 12

T time 3 years

A=2,410×((1+(0.12÷12))^(3×12)

A=3448.15

Veli Gebrev answered Oct 17, 2022

by Veli Gebrev

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