moustafa55
bob invests $3700 in an account paying 3% compounded monthly . how much is in the account after 8 months?



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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

Chlorophyll
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Do you know Compound interest formula?

moustafa55
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is it A= p(1+r/n) ^n*t

moustafa55
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i treid it but i didnt get the right answer

mr.luna
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alrite so , a=3700(1+(.03/n))^n8

moustafa55
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the answer is 3774.65

Chlorophyll
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Great job at knowing your formula correctly :)

moustafa55
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but i dont kno how to do it

Chlorophyll
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Compounded monthly > n = 12

moustafa55
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ok ill try it out

moustafa55
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what do i put for t?

mr.luna
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8

moustafa55
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i still did not get the answer

Chlorophyll
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Show us how do you calculate it?

Chlorophyll
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n = 12,
n * t = 12 * 8/12 = 8