Answer:
Fred will have "C
" $1,348.18 after 3 years
Step-by-step explanation:
where,
Principal (P) = $1,000
rate = 10% = 0.10
Time (t) = 3 years
m = 12
Finding the accumulated amount
A = [tex]P*(1+\frac{r}{m} )^{mt}[/tex]
A = [tex]1000*(1+\frac{0.10}{12} )^{12*3}[/tex]
A = 1000 (1.0083)³⁶
A = $1346.578
