$3,200 deposit earning 4.5% compounded monthly, after 3 years.

Question

asked Jul 26, 2020 74.3k views

1 Answer

Haran Rajkumar · Answer 1 · 2020-08-01T06:53:31+0000

Answer:

A = $3661.59

I = 461.593

Explanation:

1. Use the CI formula. (Reference in file.)

2. Solve equation after plugging the given information we have.

3. We will have the Amount after solving the equation.

4. To find interest we use formula A=P+I

Source - TutorEye