Question

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

Answer 1

is it B?

Answer 2

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

\[A=11100(1+\frac{0.031}{12})^{(12)(19)}=?\]

Answer 3

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

Answer 4

future value is D

Answer 5

@Shane_B is right!

Answer 6

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

Answer 7

thank you

Answer 8

yw

Answer 9

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