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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I hope this makes sense, if not please feel free to let me know and I'll explain it.
Answer
He would lose 2000 dollars either way so it doesn't really matter.
Step-by-step explanation:
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Step-by-step explanation:
7^3 power is the answer to your question
