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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]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!
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