The formula for calculating the amount of money returned for an intial deposit into a bank account or CD?


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is given by A=P(1+r/n)^mt A= the amount of return P= the priniciple amount intially deposited r= the annual interest rate n= the number of compound periods in one year t= the number of years Carry all calculations six decimal places on each intermediate step, then round final answer to the nearest...


Answer (1):

Go with the flow

A: Your return will be $2,991.21 in interest
B: Your return will be the same since both A and B are compounded monthly in your question.
C: Your return will be $3,002.31

If you need quarterly interest your earnings are: $2,968.85
Semi annually : $2,935.94
Yearly: $2,872.74
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Relevant answer in Power, MT