Respuesta :

qop

Answer:

$6,066.82

Step-by-step explanation:

Lets use the compound interest formula provided to solve this:

[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First, change 10% into a decimal:

10% -> [tex]\frac{10}{100}[/tex] -> 0.10

Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:

[tex]A=4,500(1+\frac{0.10}{12})^{12(3)}[/tex]

[tex]A=6,066.82[/tex]

The balance after 3 years will be $6,066.82

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