I’d really appreciate if you’d also give a brief explanation:)
1 answer:
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Answer: $ 12708.68
Step-by-step explanation:
The Principal = $10,000
rate = 3%
Years = 2019 - 2011
therefore, years = 8
Since , it is compounded monthly , we will use the formula
A = P
Where A is the amount
P = Principal
r = rate
k = 12 , since it is compounded monthly
N = number of years
Substituting the values , we have
A = 10000
A = 10000
A = 10000
A = 10000(1.270868467)
A = $12708.68467
Therefore , she will have $ 12708.68 in December , 2019