Question

Financial Math question:

Answer 1

The answer is letter B. This is through using the formula of compound interest which is divided in quarterly. This means the number of months are only 3. SO compound interest is equal to Principal amount(1+rate/number of months)^number of months x time. This will give you the answer of $3,081.54.

Answer 2

Answer:

The letter varies depending on if it's a practice test or a topic test but the answer is $3,081.54