Urgently need help please
2 answers:
You might be interested in
Answer:
$29.02
Step-by-step explanation:
We will use compound interest formula to find the amount of interest after 3 months.
, where,
A= Amount after T years.
P= Principal amount.
r= Annual interest rate in decimal form.
n= Number of times interest is compounded per year.
T= Time in years.
Let us convert our given interest rate in decimal form.
Let us convert our given time in years.
Let us substitute our given values in above formula.
We will use formula to find the amount of interest.
Therefore, the total interest earned by the end of the third month will be $29.02.