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Soloha48 [4]
3 years ago
12

In order to purchase a new backyard patio in 3 years, the Robinsons have decided to deposit $1,700 in an account that earns 6% p

er year compounded monthly for 3 years. How much money will be in the account in 3 years?
Mathematics
1 answer:
tankabanditka [31]3 years ago
3 0

Answer: A = 2,034.356 ≈ $2,034.36

$2,034.36 will be in the account in 3 years

Step-by-step explanation:

Given that ;

P = $1,700

Rate r = 6%

Time period (t) = 3 years

now to find how much money will be in the account in 3 years

we say;

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

A = 1,700 ( 1 + 0.06/12) ¹²ˣ³

A = 1,700 ( 1.19668)

A = 2,034.356 ≈ $2,034.36  

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