Compare 1/2 with 3/4 using < > =?
2 answers:
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Answer:
$2936.79
Explanation:
The Formula for compounding interest:
F = final amount (we need to find this)
I = initial amount (900 + 250 + 300 + 1400 = $2850)
r = interest rate (1% = 0.01)
n = number of times interest applied per time period (360)
t = number of time periods elapsed (36 months = 3 years)
F = 2850(1.030454105)
F = $2936.79