anonymous
  • anonymous
bob invests $3700 in an account paying 3% compounded monthly . how much is in the account after 8 months?
Mathematics
katieb
  • katieb
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anonymous
  • anonymous
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
anonymous
  • anonymous
Do you know Compound interest formula?
anonymous
  • anonymous
is it A= p(1+r/n) ^n*t

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anonymous
  • anonymous
i treid it but i didnt get the right answer
anonymous
  • anonymous
alrite so , a=3700(1+(.03/n))^n8
anonymous
  • anonymous
the answer is 3774.65
anonymous
  • anonymous
Great job at knowing your formula correctly :)
anonymous
  • anonymous
but i dont kno how to do it
anonymous
  • anonymous
Compounded monthly -> n = 12
anonymous
  • anonymous
ok ill try it out
anonymous
  • anonymous
what do i put for t?
anonymous
  • anonymous
8
anonymous
  • anonymous
i still did not get the answer
anonymous
  • anonymous
Show us how do you calculate it?
anonymous
  • anonymous
n = 12, n * t = 12 * 8/12 = 8

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