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
1 answer:
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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