Question

Bill has $12,400 in a regular savings account earning 43% annual interest

that is compounded monthly. How much will be in the account at the end of 3
years?
Round to the nearest cent, and do not include the dollar sign in your answer.

Answer 1

44041.03

Explanation:

A = P(1 + r/n)^nt

= 12400(1 + .43/12)^12(3)

= 12400(1.03583333)³⁶

= 12400(3.55169589)

= 44041.029