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aliya0001 [1]
3 years ago
5

To increase an amount by 11% multiple by

Mathematics
1 answer:
Stels [109]3 years ago
5 0
To increase an amount by11% you need ro Multiple by 1.11
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Tom deposited $2410 in a bank that pays 12% interest, compounded monthly. Find the amount he will have at the end of 3 years.
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Answer:

Base amount: $2,410.00

Interest Rate: 12% (yearly)

Effective Annual Rate: 12.68%

Calculation period: 3 years

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Step-by-step explanation:

The generic formula used in this compound interest calculator is

V = P(1+r/n)^(nt)

V = the future value of the investment

P = the principal investment amount

r = the annual interest rate

n = the number of times that interest is compounded per year

t = the number of years the money is invested for

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Round $38.09 to the nearest dollar<br> $38<br> $40<br> $30<br> $39
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