Suppose 3500 is invested in an account with an apr of 11% compouned monthly. Find the future value of the account in three years
+23254 The compound interest formula is: A = P( 1 + r/n ) ^ ( n · t )
where A is the final amount r is the rate, written as a decimal (.11) t is the number of years (3)
P is the initial amount (3500) n is the number of times compounded per year (12)
A = 3500( 1 + .11/12) ^ (12 · 3)
That will be your answer.
+23254 The compound interest formula is: A = P( 1 + r/n ) ^ ( n · t )
where A is the final amount r is the rate, written as a decimal (.11) t is the number of years (3)
P is the initial amount (3500) n is the number of times compounded per year (12)
A = 3500( 1 + .11/12) ^ (12 · 3)
That will be your answer.
