Answered

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You deposit $2,400 in an account that earns 1.9% annual interest. Find
the balance after 3 years if the interest is compounded monthly.
Remember this is $ so you round to 2 decimal places unless told to do
differently.

Sagot :

altavistard

Answer:

$2471.53

Step-by-step explanation:

Use the compound amount formula:

A = P(1 + r/n)^(nt), where n is the number of compoundings per year

Here,

A = ($2,400)(1 + 0.019/12)^(12·3), or

      ($2,400)(1.0015)^36

    =  ($2,400)(1.026) =

     =  $2471.53

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