Saturday

April 19, 2014

April 19, 2014

Posted by **gabe** on Monday, January 11, 2010 at 3:36pm.

compounded monthly. How much was in her account after three months?

- Math -
**Writeacher**, Monday, January 11, 2010 at 3:51pmAssistance needed.

- Math -
**DrBob222**, Monday, January 11, 2010 at 4:01pmYou can do this one of two ways.

The long way is to make three problems.

2500 + (2500)x (0.0775/12) = ?? and that will be the amount at the end of the first month.

Then do the problem again for the second month and a third time for th third month.

A shorter way is use the formula for interest compounded.

Amount = 2500*[(0.0775/12)+1.00]^{3}= ??

I obtained 2548.75 either way.

**Related Questions**

Math - a person deposited $500 in a savings account that pays 5% annual interest...

Math - A person deposited $500 in a savings account that pays 5% annual interest...

math - 37. A person deposited $500 in a savings account that pays 5% annual ...

math - 37. A person deposited $500 in a savings account that pays 5% annual ...

Math - on the day Rachel was born, her grandparents deposited $ 500 into a ...

math - a person deposited $500 in a savings account that pays 5% annual interest...

differential equation - If P(t) is the amount of dollars in a savings bank ...

math - find the effectivee rate correspoding to 3% compounded quarterly The ...

Math - Please check my work, thank you If $7,800 is deposited into an account ...

Foundations Math 12 - Mark wants to buy a car in 15 months, when he graduates. ...