pleasenooo pleasenooo
  • 17-02-2018
  • Mathematics
contestada

mason deposited 80 in a savings account earning 5% interest, compounded monthly. to the nearest cent, how much interest will he darn in 3 years?

Respuesta :

mathmate
mathmate mathmate
  • 17-02-2018
Principal, P = $80
monthly interest, i = 5%/12 = 0.05/12
Number of periods, n = 3*12 = 36

Interest earned after three years,
I = P((1+i)^n-1)
=80((1+0.05/12)^36-1)
=12.92 (to the nearest cent.
Answer Link

Otras preguntas

solve each system of equations by graphing y=-1/2x+5 and y=3x-2
why is it important to line up the fraction strips on the left?
Jean spent $16 on new T-shirts. If each shirt costs the same whole dollar amount, how many could she have bought?
Can you solve 64x³+y³ by factoring?
The number of professors in a college is p and the number of students is s, there are 16 times as many students as professors write an algebraic expression that
A bag contains 4 blue, 4 red, and 4 green marbles. Four marbles are drawn at random from the bag. How many different samples are possible which include exactly
What measurements must you make to find the density of a sample of matter
What two kinds of motion are exhibited by electrons in an atom?
What is larger,10L or 1,000mL
What is one third of 518?