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11 October, 22:06

Tom deposited $2410 in a bank that pays 12% interest, compounded monthly. Find the amount he will have at the end of 3 years.

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  1. 11 October, 22:15
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    Base amount: $2,410.00

    Interest Rate: 12% (yearly)

    Effective Annual Rate: 12.68%

    Calculation period: 3 years

    $3,448.15

    Step-by-step explanation:

    The generic formula used in this compound interest calculator is

    V = P (1+r/n) ^ (nt)

    V = the future value of the investment

    P = the principal investment amount

    r = the annual interest rate

    n = the number of times that interest is compounded per year

    t = the number of years the money is invested for
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