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December 22, 2014

December 22, 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.

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