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2 years ago

PLEASE HELP ME !!

Mathematics

1 answer:

AlekseyPX2 years ago

5 0

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

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