Question

The Garcias have​ $12,000 in a saving account. The bank pays​ 3.5% interest on saving​ accounts, compounded monthly. Find the balance after 3​ years?

Answer 1

The formula is
A=p (1+r/k)^kt
A the balance?
P present value 12000
R interest rate 0.035
K compounded monthly 12
T time 3years
A=12,000×(1+0.035÷12)^(12×3)
A=13,326.49

Hope it helps!