Answer:
Base amount: $2,410.00
Interest Rate: 12% (yearly)
Effective Annual Rate: 12.68%
Calculation period: 3 years
$3,448.15
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