The total amount of money accrued ( principal and interest ) in 35 years is $570.78.
<h3>What is the total amount accrued?</h3>
The formula for compound interest is expressed as;
A = P( 1 + r/t )^(n×t)
Given the data in the question;
- Principal P = $200
- Rate r = 3% = 3/100 = 0.03
- Compounded monthly n = 12
- Time t = 35
- Amount accrued in 35 years A = ?
Plug the given values into the equation above.
A = P( 1 + r/n )^(n×t)
A = 200( 1 + 0.03/12 )^(12×35)
A = 200( 1 + 0.0025 )^(420)
A = 200( 1.0025 )^(420)
A = 200( 2.85390914 )
A = $570.78
Therefore, the total amount of money accrued ( principal and interest ) in 35 years is $570.78.
Learn more about compound interest here: brainly.com/question/27128740
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Answer:
7560
Step-by-step explanation:
I used google calculator
What you do, to convert a percention to a fraction is to divide the percent by 100. This will give you the fraction of that percent. Knowing this, you can eliminate all the other possible answers that have been listed.
Answer:
Last one
Step-by-step explanation:
