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Usimov [2.4K]
3 years ago
7

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

Mathematics
2 answers:
Rina8888 [55]3 years ago
7 0

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 :)

Andreas93 [3]3 years ago
5 0
A=p (1+I/k)^kn
A=1,220×(1+0.09÷12)^(12×3)
A=1,596.55
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