Although Rhode Island used the most paper money to deal with its financial problems, __________ refused to accept this type of c
1 answer:
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Answer:
$ 29.018 ( approx )
Explanation:
The amount formula in compound interest,
Where,
P = principal amount,
r = rate per period,
t = number of periods,
Here, P = $ 3260.00,
Since, the amount is compounded monthly,
So, the number of periods in 3 months, t = 3,
Also, annual rate = 3.55 % = 0.0355,
So, the rate per month, r = (∵ 1 year = 12 months)
Thus, the amount after 3 months,
Hence, the total interest earned,
I = A - P =3289.018 - 3260 = $ 29.018