2 years ago

Tom deposited $2,410 in a bank that pays 12% interest compounded monthly find the amount he will have at the end of three years

Mathematics

1 answer:

BabaBlast [244]2 years ago

3 0

Answer: 3448.15

Step-by-step explanation:

The formula is

A=p ((1+(r/n))^(tn)

A future value ?

P present value 2410

R interest rate 0.12

N compounded monthly 12

T time 3 years

A=2,410×((1+(0.12÷12))^(3×12)

A=3448.15

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Tom deposited $2,410 in a bank that pays 12% interest compounded monthly find the amount he will have at the end of three years​

Tom deposited $2,410 in a bank that pays 12% interest compounded monthly find the amount he will have at the end of three years