if 12,025 was invested at 3.25% compounded monthly 3 years, how much interest will be earned Question if 12,025 was invested at 3.25% compounded monthly 3 years, how much interest will be earned in progress 0 Math Savannah 2 months 2021-11-16T07:45:47+00:00 2021-11-16T07:45:47+00:00 1 Answer 0 views 0

## Answers ( )

Answer:$1,229.75

Step-by-step explanation:Lets use the compound interest formula provided to solve this:

P = initial balancer = interest rate (decimal)n = number of times compounded annuallyt = timeFirst, change 3.25% into a decimal:3.25% -> -> 0.0325

Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:Lastly, subtract A from P to get the interest earned: