Ask your own question, for FREE!
Mathematics 38 Online
OpenStudy (anonymous):

If $11,100 is invested at 3.1% interest compounded monthly, how much will the investment be worth in 19 years? A.$19,914.08 B.$19,826.11 C.$19,958.89 D.$19,989.07

OpenStudy (anonymous):

is it B?

OpenStudy (shane_b):

It depends if the 3.1% is an annual rate...which I suppose it is. The formula would be:\[A=P(1+\frac{r}{n})^{nt}\] Where P = principal r = annual rate of interest (as a decimal) t = number of years A = amount of money accumulated after n years, including interest. n = number of times the interest is compounded per year \[A=11100(1+\frac{0.031}{12})^{(12)(19)}=?\]

OpenStudy (anonymous):

I have made a mistake 3.1% is nominal because of that you need to divide by 12 i = 3.1/12

OpenStudy (anonymous):

future value is D

OpenStudy (anonymous):

@Shane_B is right!

OpenStudy (shane_b):

If you calculate it out, you should end up with answer D

OpenStudy (anonymous):

thank you

OpenStudy (shane_b):

yw

OpenStudy (anonymous):

Beginning balance on the monthly bank statement for Charmaine's checking account was $603.84 and ending balance was $264.98. What can be said about Charmaine's transactions for the month? A. She had $868.82 more in debits than in credits B. she had $868.82 more in credits than in debits C. She had $338.86 more in credits than in debits D. she had $338.86 more in debits than in credits

Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!
Latest Questions
XxXImHerXxX: Why does loosing someone you once loved hurt ?
21 minutes ago 0 Replies 0 Medals
danielfootball123: HAPPY EASTER!!!!
10 minutes ago 1 Reply 0 Medals
Puck: for all you amazing people
55 minutes ago 2 Replies 2 Medals
Breathless: update on drawing.
6 hours ago 11 Replies 5 Medals
ShadowKid3: what are examples of a class three lever?
1 day ago 3 Replies 2 Medals
alphaXtiger: Help pls
2 days ago 3 Replies 1 Medal
Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!