The Garcias have $12,000 in a saving account. The bank pays 3.5% interest on saving accounts, compounded monthly. Find the ba

Question

Korolek [52]

3 years ago

9

The Garcias have $12,000 in a saving account. The bank pays 3.5% interest on saving accounts, compounded monthly. Find the ba

lance after 3 years?

Mathematics

1 answer:

LUCKY_DIMON [66] · Answer 1 · 2022-03-04T10:31:43+03:00

LUCKY_DIMON [66]3 years ago

3 0

The formula is
A=p (1+r/k)^kt
A the balance?
P present value 12000
R interest rate 0.035
K compounded monthly 12
T time 3years
A=12,000×(1+0.035÷12)^(12×3)
A=13,326.49

Hope it helps!

The Garcias have​ $12,000 in a saving account. The bank pays​ 3.5% interest on saving​ accounts, compounded monthly. Find the ba

The Garcias have $12,000 in a saving account. The bank pays 3.5% interest on saving accounts, compounded monthly. Find the ba