Question

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​

Answer 1

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