00:01
Okay, so we have $131 to deposit.
00:08
We're given a rate of 3 % that's gonna be compounded monthly, and we're gonna do that for nine years.
00:15
We wanna know how much money we have.
00:17
Now, first thing we need is what the formula is for this.
00:21
So the amount of the account is gonna be equal to the principal, and that's your starting amount, times, and we're gonna have one plus the rate over the number of comments, compounds raised to the power number of compounds times t.
00:38
So in this case, our deposit, our 131 is going to be our p values.
00:43
So we're going to have 131 of 1 plus.
00:47
Now for the rate, we want to make sure we make that into its decimal.
00:52
So 0 .03 over...