maiyahhollins maiyahhollins
  • 02-09-2019
  • Mathematics
contestada

Tom deposited $2410 in a bank that pays 12% interest, compounded monthly. Find the amount he will have at the end of 3 years.

Respuesta :

zrh2sfo
zrh2sfo zrh2sfo
  • 02-09-2019

Answer:

Base amount: $2,410.00

Interest Rate: 12% (yearly)

Effective Annual Rate: 12.68%

Calculation period: 3 years

$3,448.15

Step-by-step explanation:

The generic formula used in this compound interest calculator is

V = P(1+r/n)^(nt)

V = the future value of the investment

P = the principal investment amount

r = the annual interest rate

n = the number of times that interest is compounded per year

t = the number of years the money is invested for

Answer Link

Otras preguntas

how does the principle of independent assortment apply to chromosomes?
Oil is leaking out of a ruptured tanker at a rate of r(t) = 20e−0.02t thousand liters per minute. how many liters leak out during the first hour?
What are some ways rocks can change which might make stratigraphy less reliable
i need help with multiplying fractions.
what did edward hopper use to create contrast in this painting
which of these can a student use a career assessment for
-16a+3+7a-6 14x+8y+12y-20x -3(8p-6)+4p (9x+2y-8) - (12x+11
Which of the following techniques was not introduced during the Baroque Period?
It says one pound of horse hair is divided into pulls to make horse hair belts. One pull weighs about 0.011 ounces. How many pulls could be made from 6 pounds o
A quadrilateral with exactly one pair of parallel sides is called a