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moustafa55

bob invests $3700 in an account paying 3% compounded monthly . how much is in the account after 8 months?

  • one year ago
  • one year ago

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  1. mr.luna
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    use your eqauation you have all the inputs. principal, rate, and time. i dont remeeber it but if you post it i can give it a shot

    • one year ago
  2. Chlorophyll
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    Do you know Compound interest formula?

    • one year ago
  3. moustafa55
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    is it A= p(1+r/n) ^n*t

    • one year ago
  4. moustafa55
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    i treid it but i didnt get the right answer

    • one year ago
  5. mr.luna
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    alrite so , a=3700(1+(.03/n))^n8

    • one year ago
  6. moustafa55
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    the answer is 3774.65

    • one year ago
  7. Chlorophyll
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    Great job at knowing your formula correctly :)

    • one year ago
  8. moustafa55
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    but i dont kno how to do it

    • one year ago
  9. Chlorophyll
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    Compounded monthly -> n = 12

    • one year ago
  10. moustafa55
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    ok ill try it out

    • one year ago
  11. moustafa55
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    what do i put for t?

    • one year ago
  12. mr.luna
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    8

    • one year ago
  13. moustafa55
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    i still did not get the answer

    • one year ago
  14. Chlorophyll
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    Show us how do you calculate it?

    • one year ago
  15. Chlorophyll
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    n = 12, n * t = 12 * 8/12 = 8

    • one year ago
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