Question

The formula for compound interest is A=P(1+)"where n is the number of times interest is compounded per year. Jamal invests $3000 in an account that pays annual interest at a rate of 5%, compounded monthly. How much money will be in the account after 6 years? 3 of 5 QUESTIONS O A=3000(1+.05)=$4020.29 А O A=3000(1+0.05)=3153.16 O A =300017 3:35:12283542.24 O A =3000+ 0.05)2 =54047.05​

Answer 1

Answer:

$4047.05

Step-by-step explanation:

A = 3000[1 + (.05/12)]^12·6

A = 3000(1.00417)^72

A = 4047.05

Answer 2

Answer: 4047.053232

Equation: y=3000(1.0041)[to the power of 72]