Tom deposited $2410 in a bank that pays 12% interest, compounded monthly. Find the amount he will have at the end of 3 years.

Mathematics

1 answer:

OLEGan [10]3 years ago

4 0

Answer:

Base amount: $2,410.00

Interest Rate: 12% (yearly)

Effective Annual Rate: 12.68%

Calculation period: 3 years

$3,448.15

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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