shinynoob30
contestada

find the balance if you deposit $2500 in an account earning 3% interest MONTHLY for 20 years.

Remember: Calculate inside the parenthesis first, then the exponent (240th power), and then multiply it by 2500.

Respuesta :

samuelonum1

Answer:

$4515

Step-by-step explanation:

Given data

Principal=$2500

Rate= 3%

Time= 20years

The compound interest formula is given as

A=P(1+r)^t

substitute

A=2500(1+0.03)^20

A=2500(1.03)^20

A=2500*1.806

A=$4515

Hence the final Amount is $4515

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