Question

is the formula used to solve this problem A=[P(1+i)^n]
Savings...
Hassi is paid on the first day of the month and $80 is automatically deducted from his pay and deposited in a savings account. If the account pays 2.5% interest compounded monthly, how much will be in the account after 3 years and 9 months?

Answer 1

A=P(1+r/n)^nt

Answer 2

80(1+.025/12)^3.75*12

Answer 3

Does Hassi only get paid on the first day of that month of each month?

Answer 4

or each month*

Answer 5

first day of each month