destiny258 destiny258

11-05-2018
Mathematics

contestada

How do you solve this? Please help and explain.

How do you solve this Please help and explain class=

Respuesta :

altavistard altavistard

14-05-2018

Amount = A = $50(1 + 0.03/12)^(12*m), where m is the # of months. Note that A= $50 at the beginning (when m=0). Note that I am assuming that "3%" is ANNUAL interest.

If, on the other hand, "3%" is monthly (very unlikely!!), then:

Amount = A = $50(1 + 0.03)^(m)

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