taniyafletcher3 taniyafletcher3

26-10-2017
Mathematics

contestada

The Garcias have $12,000 in a saving account. The bank pays 3.5% interest on saving accounts, compounded monthly. Find the balance after 3 years?

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Aliwohaish12 Aliwohaish12

26-10-2017

The formula is
A=p (1+r/k)^kt
A the balance?
P present value 12000
R interest rate 0.035
K compounded monthly 12
T time 3years
A=12,000×(1+0.035÷12)^(12×3)
A=13,326.49

Hope it helps!

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