Answered

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marie deposits 3,650 for 5 years at 3.5% interest compounded monthly
find her ending balance

Sagot :

Step-by-step explanation:

Compounding formula :

FV + PV ( 1+i)^n       FV = ?    PV = 3650

            i = decimal interest per period = .035/12      n = periods = 5 x 12 = 60

FV = 3650 ( 1 + .035/12)^60 = $ 4364.94

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Answer:

we know that

compound interest = P[1+r/100]^T

Step-by-step explanation:

given p=3650, r= 3.5 and t= 1

now

on solving

C.I=3777.75

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