00:01
So to find the amount of money, he deposited 2860.
00:07
It pays 9%, compounded monthly, three years later.
00:12
So the amount is equal to the principal, the amount you deposited, times the quantity of 1 plus r over n, where r is the interest rate and n is the number of times compounded, raised to the power of nt, where t is the time in years.
00:29
So his new amount will be 2 ,860 times 1 plus the interest rate written as a decimal .09, divided by n, number of times compounded, that's 12, raised to the power of 12 times the number of years 3.
00:54
So my answer is going to be, well, first of all, i'm going to figure out what that inside the parentheses is...