Question 1181590
formula to use is f = p * (1 + r) ^ n
f is the future value
p is the present value
r is the interest rate per time period
n is the number of time periods


your time periods will be in months.
n is equal to 8
r is equal to 3% / 12 = .25 / 100 = .025


formula becomes f = 3700 * (1 + .0025) ^ 8
solve for f to get f = 3774.650748.
round to 3774.65.


the formula uses the rate, not the percent rate.
that's why you had to divide by 100.
start with 3% and divide by 100 to get .03
divide that by 12 to get the monthly rate of .0025