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stepladder [879]
2 years ago
12

How much would $300 invested at 9% interest compounded monthly be worth after 3 years?

Mathematics
1 answer:
belka [17]2 years ago
8 0

Answer:

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

F=future amount

P=present amount

r=rate in decimal form

n=number of times per year it is compounded

t=time in years




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

F=future amount

P=300

r=0.09

n=1

t=3


F=300(1+(0.09/1))^(1(3))

F=300(1+0.09)^(3)

F=300(1.09)^(3)

F=388.509


it would be worth $388.51 (rounded)



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