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

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.

The equation says

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

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

=3,742.73