Answer: Yes, because 3502.86 is multiplied by the exponent. i think, because i was stuck between that and the other yes, and the other yes was wrong, so im pretty sure its that.
Tell me if im right.
Step-by-step explanation:
Answer:
$1,229.75
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
<em />
First, change 3.25% into a decimal:
3.25% -> -> 0.0325
Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:
Lastly, subtract A from P to get the interest earned:
Multiply 3 by 4, which gets you 12 mph