Question

Carl deposited $1220 in a bank that pays 9% interest, compounded monthly. Find the amount he will have at the end of 3 years.

Answer 1

Answer:

Step-by-step explanation:

Alright, lets get started.

Principal amount is given as $P=1220$

Time is given as $t = 3$

compounded monthly means $n = 12$

rate of interest $r = 9$

The formula for final amount is:

$A = P(1+\frac{r}{n})^{nt}$

$A = 1220 (1+\frac{9}{100*12}) ^{12*3}$

$A = 1220*1.3086$

$A = 1596.55$

Hence the answer is $ 1596.55   :    Answer  

Hope it will help :)

Answer 2

A=p (1+I/k)^kn
A=1,220×(1+0.09÷12)^(12×3)
A=1,596.55