13,500 deposit earning 3.3% compound monthly after 1 year
1 answer:
Answer:
$13,952.30
Step-by-step explanation:
refer to attached graphic
the formula for compound interest is given as
A = P [ 1 + (r/n) ] ^ (nt)
where
A = final amount (we are asked to find)
P = principal amount = $13,500
r = rate = 3.3% = 0.033
n = 12 (compounded monthly)
t = 1 year
substituting these values into the equation
A = 13500 [ 1 + (0.033/12) ] ^ [(12)(1)]
A = 13500 [ 1 + 0.00275 ] ^ 12
A = 13500 [1.00275 ] ^ 12
A = 13500 (1.0335)
A = $13,952.30
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