Fred wants to invest the $1000 he received for his birthday. He finds an investment opportunity that will earn him 10% compounded monthly. H

Question

Fred wants to invest the $1000 he received for his birthday. He finds an investment opportunity that will earn him 10% compounded monthly. How much money will Fred have after 3 years?

A
$1,002.46

B
$3,597.54

C
$1,348.18

D
$1,919.03

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Melody 2 weeks 2021-09-07T02:03:27+00:00 1 Answer 0

Answers ( )

    0
    2021-09-07T02:04:59+00:00

    Answer:

    Fred will have “C
    ” $1,348.18
    after 3 years

    Step-by-step explanation:

    where,

    Principal (P) = $1,000

    rate = 10% = 0.10

    Time (t) = 3 years

    m = 12

    Finding the accumulated amount

    A = P*(1+\frac{r}{m} )^{mt}

    A = 1000*(1+\frac{0.10}{12} )^{12*3}

    A = 1000 (1.0083)³⁶

    A = $1346.578

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