How much money will you have in 6 years if you invest $3000 at a 3.1% annual rate of interest compounded monthly?

ResultThe amount is $3612.32 and the interest is $612.32.ExplanationSTEP 1: To find amount we use formula:A=P(1+rn)n⋅t
In this example we haveP=$3000 , r=3.1% , n=12 and t=6 yearsAfter plugging the given information we haveAAAA=3000(1+0.03112)12⋅6=3000⋅1.00258372=3000⋅1.204105=3612.32STEP 2: To find interest we use formula A=P+I, since A=3612.32 and P = 3000 we have:A3612.32II=P+I=3000+I=3612.32−3000=612.32