Find m the in this screenshot
1 answer:
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Answer:
$861.09
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
<em>A = total </em>
<em>P = principal amount </em>
<em>r = interest rate (decimal) </em>
<em>t = time (years) </em>
<em />
First, change 3.25% into its decimal form:
3.25% -> -> 0.0325
Next for <em>t, </em>we can use 4.25 since 4 years and 3 months is 4.25 in its decimal form. Now lets plug in the values:
Your answer is $861.09