hernandez09297
14.08.2021 •
Mathematics
Assume that an investment of $3000 earns an APR of 6% compounded monthly for 18 months. How much money is in your account after 18 months?
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Ответ:
9514 1404 393
$3281.79
Step-by-step explanation:
The compound interest formula is ...
A = P(1 +r/n)^(nt)
where A is the balance resulting from investment of P at annual rate r compounded n times per year for t years.
We have P=$3000, r=0.06, n=12, t=1.5, so the account balance is ...
A = $3000(1 +0.06/12)^(12·1.5) = $3000(1.005^18) ≈ $3281.79
There will be $3281.79 in the account after 18 months.
Ответ:
7
Step-by-step explanation: