Suppose you invested $1500 in an ac count that paid an annual of 3% compound monthly. How much would you have after 1 year?
1 answer:
Answer:
1545.62
Step-by-step explanation:
The calculation of compound interests uses this formula:
<h2>Where A = total amount, P = principal or amount of money deposited, r = annual interest rate, n = number of times compounded per year and t = time in years.
So, if we plug-in the numbers of the problem we have:
<h2>Which gives us:
For a grand total of 1,545.62 including capital and interests.
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Hope it helps.