Mathematics: 500 principal earning 3% compound monthly, after 10 years.a. a bazillion dollarsb. $671,96c. $512,64d. $674,68

500 principal earning 3% compound monthly, after

kukisbae

02.01.2022

D. $674.68

Step-by-step explanation:

We will use the well known equation for compound interest

$A = P(1 + \frac{r}{n})^{nt}$

Where

is the final total

is the principal amount (starting total)

is the interest rate as a decimal

is the number of times the interest is compounded each year

the number of years

Plugging in what we know from the question:

$A = 500(1+\frac{0.03}{12})^{12 \times 10}\\A = 500(1.34935355)\\A = 674.68$

So the answer is D.

Hope this helps!

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