Question

find the amount that results from each. $50 invested at 6% compounded monthly after a period of 3 years

Answer 1

$59.83

Answer 2

how did you set that up? does it change when it says compounded monthly or continuously or daily?

Answer 3

Here is the formula,
Amount = start(1 + rate/times per year)^(times per year * years)

Answer 4

To answer this question, you need to know the compound interest formula:

\[A=P(1+r/n)^{nt}\]

Where:

A - Final Amount
P - Principal Amount
r - Annual nominal interest rate (as a decimal)
n - number of times compounded yearly
t - number of years

Having this in mind, we set up our equation:

\[A=50(1+0.06/12)^{36}=$59.83\]

Answer 5

above is a good and correct answer