Suppose you invest $150 a month for 3 years into an account earning 7% compounded monthly. After 3 years, you leave the money, w
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You would use the formula P(1+r/n)^nt=A I explained it in the picture and if the number is growing it is 1+r/n and if it’s not it is 1-r/n. Also if you don’t know the formula you can do it year by year which I also showed but it will take a long time and it’s easy to make a mistake. The answer would be A because if you plug the numbers into the formula you will get 4045.56 for plan b then you subtract 3000 and round, getting 1046. It is the formula of exponential growth/decay if you want to research further.
