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23 February, 21:23

I need this answer asap

John deposited $2860 in a bank that pays 9% interest, compounded monthly. Find the amount he will have at the end of 3 years. a. $3742.73 c. $8044.22 b. $3128.29 d. $3632.20

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  1. 23 February, 22:27
    0
    First, converting R percent to r a decimal

    r = R/100 = 9%/100 = 0.09 per year,

    then, solving our equation

    A = 2860 (1 + (0.09 * 3)) = 3632.2

    A = $ 3,632.20

    The total amount accrued, principal plus interest,

    from simple interest on a principal of $ 2,860.00

    at a rate of 9% per year

    for 3 years is $ 3,632.20.
  2. 23 February, 22:30
    0
    The equation says

    A=p (1+i/m) ^mn

    A=2,860 * (1+0.09:12) ^ (12*3)

    =3,742.73
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