Which is equivalent to 3 1/2
2 answers:
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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:
<em>so</em><em> </em><em>the</em><em> </em><em>answer</em><em> </em><em>is</em><em> </em><em>2</em><em>0</em><em> </em><em>square</em><em> </em><em>centimeter</em><em>.</em>
<em>Hope</em><em> </em><em>this</em><em> </em><em>will</em><em> </em><em>help</em><em> </em><em>u</em><em>.</em><em>.</em><em>.</em>
