Assume that an investment of $3000 earns an APR of 6% compounded monthly for 18 months. How much money is in your account after 18 months?

9514 1404 393

  $3281.79

Step-by-step explanation:

The compound interest formula is ...

  A = P(1 +r/n)^(nt)

where A is the balance resulting from investment of P at annual rate r compounded n times per year for t years.

We have P=$3000, r=0.06, n=12, t=1.5, so the account balance is ...

  A = $3000(1 +0.06/12)^(12·1.5) = $3000(1.005^18) ≈ $3281.79

There will be $3281.79 in the account after 18 months.

answer: sensy

step-by-step explanation:

answer: it actually depends on which is the independent variable and which is the dependent variable. let us say we're looking at a linear equation. y=2x+3. we theoretically could switch the equation to be x=(y-3)/2 and it would be the same line. so either a causes b or it can be that b causes a. so technically the answer is false

step-by-step explanation: