A bank offers an investment account with an annual interest rate of 1.28% compounded monthly. Nicole invests $34,000 into the account for 3 years.

$49320.40

Step-by-step explanation:

Let's work the small steps first. Nicole invests $34,000 into the bank, but the catch is that the value increases by "x%" every month, for 3 years. Since there are 12 months in a year, we know we will have to multiply 12 by 3, which yields us 36 months. Now we multiply our "x" value, which is 1.28% by 36, which yields us 45.06%. When we add that extra 45.06% to the already existing $34,000, the money increases to $49320.40

Your gain was +$15,320.40

If you're wondering what the one year value is, divide 45.06% by 3, and you will get 15.02%. If your instructor/teacher asks for the one year mark, the answer is $39106.80

Your gain was $5106.80

The two year mark would yield Nicole $44,213.60. The rate was 30.04% at two years, which means Nicole gained an extra $10213.60.

I hoped this helped buddy!

351.23

step-by-step explanation: