Ask Question
19 September, 21:46

Mason deposited 80 in a savings account earning 5% interest, compounded monthly. to the nearest cent, how much interest will he darn in 3 years?

+3
Answers (1)
  1. 19 September, 23:08
    0
    Principal, P = $80

    monthly interest, i = 5%/12 = 0.05/12

    Number of periods, n = 3*12 = 36

    Interest earned after three years,

    I = P ((1+i) ^n-1)

    =80 ((1+0.05/12) ^36-1)

    =12.92 (to the nearest cent.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Mason deposited 80 in a savings account earning 5% interest, compounded monthly. to the nearest cent, how much interest will he darn in 3 ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers