Question

steven just deposited $10,000 in a bank account that has a 12 percent nominal interest rate, and the interest is compounded monthly. steven also plans to contribute another $10,000 to the account one year (12 months) from now and another $20,000 to the account two years from now. how much will be in the account three years (36 months) from now?

Answer 1

Answer:

$39,999.52

Step-by-step explanation:

10,000 - 12% = 9,999.88

9,999.88 x 4 = 39,999.52