Question

What would $3,000 at 8.2% annual interest be if compounded monthly? How much would the investment be after 15 years?

A. 9557.74
B. 9593.62
C. 9629.45
D. 9665.98

Answer 1

Thanks for helping out Hugh ;)

Answer 2

just trying to remember the formula.. 1 sec...

Answer 3

Thanks.

Answer 4

\[A = P(1 + (r/n)) ^(nt)\] something like that.. so
P = 3000
r= 8.2
n = the number of compoundings per term, in this case 12
t = the term in this case years

Answer 5

thats ^ nt

Answer 6

couldnt get the formula to behave
A = P(1 + (r/n))^(nt)

Answer 7

A = 3000(1+(.082/12))^(12*15)

Answer 8

Ithnink that's it.. run that calculation and you're good

Answer 9

afk .. hgave to go