Answer:
Amount after 8 month (A) = $3775 (Approx)
Step-by-step explanation:
Given:
Amount invested (P) = $3,700
Rate of interest (r) = 3% = 0.03 / 12 = 0.0025 monthly
Number of month (n) = 8 month
Find:
Amount after 8 month (A)
Computation:
[tex]A=P(1+r)^n\\\\ A=3700(1+0.0025)^8\\\\A=3700(1.02017588)\\\\ A = 3774.650676[/tex]
Amount after 8 month (A) = $3775 (Approx)
