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Zigmanuir [339]
3 years ago
11

I will give brainiest to whoever answers correctly !!

Mathematics
2 answers:
navik [9.2K]3 years ago
7 0

Answer:

He will have a total of $2936.79

Step-by-step explanation:

The total to be invested is the addition: 900+250+300+1400=2850

Now we invest this amount at the specified rate for three years (equivalent to 36 months), and use the compounded interest formula:

A=P(1+r/n)^{n*t}\\A=2850(1+0.01/360)^{3*360}\\A\approx 2936.79

Alenkinab [10]3 years ago
5 0

Answer:

$2936.79

Explanation:

The Formula for compounding interest:

F = I(1 + \frac{r}{n})^{nt}

F = final amount  (we need to find this)

I = initial amount (900 + 250 + 300 + 1400 = $2850)

r = interest rate  (1% = 0.01)

n = number of times interest applied per time period  (360)

t = number of time periods elapsed (36 months = 3 years)

F = 2850(1 + \frac{0.01}{360})^{360*3}

F = 2850(1.030454105)

F = $2936.79

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