montyandchristie montyandchristie
  • 11-02-2018
  • Mathematics
contestada

A $3000 deposit for 66 months compounded at an interest rate of 1.6% .

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calculista
calculista calculista
  • 12-02-2018

The correct question is

Find the accumulated amount after 66 months compounded if $3000 is deposited  at an interest rate of 1.6%

t=66 months------------ >66/12=5.5 years

F = P*(1 +(r/m))^n

r=1.6%---------- >0.016
m=12
(number of compounding periods per year)

n=m*t---------- >12*5.5=66
we have
P=3000
t=5.5 years
F = 3000*(1 +(0.016/12))^66------------------ >3275.77 dollars

 the answer is 3275.77 dollars 

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