Question

PLEASE HELP ME !!

Answer 1

Answer:

$448.76

$73.76

Step-by-step explanation:

We are to calculate the future value with monthly compounding

The formula for calculating future value:

FV = P (1 + r/m)^mn

FV = Future value  

P = Present value  

R = interest rate

m = number of compounding

N = number of years  

$375 x ( 1 + 0.06/12)^12 x 3

$375 x (1.005)^36 = $448.76

Interest earned = future value - amount saved

$448.76 -  $375  = $73.76