Question

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

Answer 1

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

Answer 2

Do you know Compound interest formula?

Answer 3

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

Answer 4

i treid it but i didnt get the right answer

Answer 5

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

Answer 6

the answer is 3774.65

Answer 7

Great job at knowing your formula correctly :)

Answer 8

but i dont kno how to do it

Answer 9

Compounded monthly -> n = 12

Answer 10

ok ill try it out

Answer 11

what do i put for t?

Answer 12

8

Answer 13

i still did not get the answer

Answer 14

Show us how do you calculate it?

Answer 15

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