Phineas puts $600 into a certificate of deposit that earns 3.09%. If the money is
1 answer:
Answer:
$678.83
Step-by-step explanation:
Given :
Principal, P = $600
Rate = 3.09% = 0.0309
Period, t = 4 years
Compounding times per period, n = 12 (monthly)
The compound interest formula :
A = P(1 + r/n)^nt
A = 600(1 + 0.0309/12)^(12*4)
A = 600(1 + 0.002575)^48
A = 600(1.002575)^48
A = 600 * 1.1313834
A = 678.83004
Worth in 4 years = $678.83
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