How much interest will you have in 6 months if you invest $1,000 at 3% compounded monthly? round your answer to the nearest penn

Question

inessss [21]

3 years ago

6

How much interest will you have in 6 months if you invest $1,000 at 3% compounded monthly? round your answer to the nearest penn

y/hundredth. please help

Mathematics

1 answer:

Paraphin [41] · Answer 1 · 2022-11-20T11:41:35+03:00

Paraphin [41]3 years ago

3 0

You would use the equation 1000(1+0.3)^x
Plug in 6 months for x
1000(1.3)^6
When you solve for that you get 4826.809 and then round to the nearest tenth I would assume so 4826.8
Hope this helps!