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3 years ago

Connie invested $3,250 in a regular savings account that

Mathematics

1 answer:

mash [69]3 years ago

4 0

Answer:

$4,723.21

Step-by-step explanation:

Formula for COMPOUND INTEREST:

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

Where A = principal money + interest earned,

P = Principal Money

r = interest rate in decmial

n = no. of times i.rate is compounded

nt = time

Since the qns asked to be compounded /monthly', you have the following formula:

A = 3250 ( 1 + 7.5%/12) ^ 60

7.5% is a yearly rate so divide it by 12 (as in 12 months)

60 = 5 years x 12 months

so use a calculator and you'll get $4723.206, round off and it's $4723.21

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