Question

Armando deposits $3,827 into a bank account paying 2.8% interest,

Answer 1

Answer:

$745,460.8

Step-by-step explanation:

2.8/100 × 3827 = $107.16

monthly = 1/12

$p = \frac{100 \times i}{rt} = \frac{100 \times 107.16}{2.8 \times \frac{1}{12} } = \frac{10716}{0.23} \\ = 46591.3$

$46,591.3 in 1year

16 years; $46,591.3 × 16 = $745,460.8