Nikkifohrman Nikkifohrman

05-03-2020
Mathematics

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$300 invested at 12% compounded monthly after a period of 1.5 years

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tolaosunrinde tolaosunrinde

05-03-2020

Answer: $358.8 to the nearest tenth

Step-by-step explanation:

Compound interest is calculated by Where: A = P(1 + r)t

Where P= 300, r= 12% = 0.12, t= 1.5 years

Slot in the figures

300 (1 + 0.12) 1.5

300 (1.12) 1.5

300x 1.12

336e1.12

A = $ 358.84

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