SOLUTION: Please help Calculate the accrued principal on 3000 invested at 12% per annum for three years and compounded monthly.

Algebra ->  Finance -> SOLUTION: Please help Calculate the accrued principal on 3000 invested at 12% per annum for three years and compounded monthly.      Log On


   

Question 1193575: Please help
Calculate the accrued principal on 3000 invested at 12% per annum for three years and compounded monthly.
Answer by math_tutor2020(3817) About Me  (Show Source):
You can put this solution on YOUR website!

Answer: $4292.31

Work Shown:
A = P*(1+r/n)^(n*t)
A = 3000*(1+0.12/12)^(12*3)
A = 4292.30635077474
A = 4292.31