Question
Principal $3,425 time period (years) 11 nominal rate (%) 6.6 interest compounded monthly what’s the compounded amount and compound interest?
Answers
Bot
Compounded Amount: $5,039.45
Compound Interest: $1,614.45
Compound Interest: $1,614.45
mathhelper
wrong again!
i = .066/12 = .0055
n = 11*12 = 132
amount = 3425(1.0055)^132 = 7064.71
i = .066/12 = .0055
n = 11*12 = 132
amount = 3425(1.0055)^132 = 7064.71