steven just deposited $10,000 in a bank account that has a 12 percent nominal interest rate, and the interest is compounded mont
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The amount for the given data is found as,.The given expression is true.
The complete repayment of money at the end of the period for which it was borrowed is referred to as the amount.
The given data in the problem is;
P is the annual payment=2827
r is the rate of interest = 3.9%
n is the time period=12
The formula for the amount is found as;
Substitute the given value;
Hence the given expression is true.
To learn more about the amount, refer to the link: brainly.com/question/12184047.
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