Question

I will give brainiest to whoever answers correctly !!

Answer 1

Answer:

$2936.79

Explanation:

The Formula for compounding interest:

$F = I(1 + \frac{r}{n})^{nt}$

F = final amount  (we need to find this)

I = initial amount (900 + 250 + 300 + 1400 = $2850)

r = interest rate  (1% = 0.01)

n = number of times interest applied per time period  (360)

t = number of time periods elapsed (36 months = 3 years)

$F = 2850(1 + \frac{0.01}{360})^{360*3}$

F = 2850(1.030454105)

F = $2936.79

Answer 2

Answer:

He will have a total of $2936.79

Step-by-step explanation:

The total to be invested is the addition: 900+250+300+1400=2850

Now we invest this amount at the specified rate for three years (equivalent to 36 months), and use the compounded interest formula:

$A=P(1+r/n)^{n*t}\\A=2850(1+0.01/360)^{3*360}\\A\approx 2936.79$