1 answer:
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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