Answer: $ 12708.68
Step-by-step explanation:
The Principal = $10,000
rate = 3%
Years = 2019 - 2011
therefore, years = 8
Since , it is compounded monthly , we will use the formula
A = P[tex](1+\frac{r}{k}) ^{Nk}[/tex]
Where A is the amount
P = Principal
r = rate
k = 12 , since it is compounded monthly
N = number of years
Substituting the values , we have
A = 10000 [tex](1+\frac{0.03}{12}) ^{8(12)}[/tex]
A = 10000[tex](1 +0.0025)^{96}[/tex]
A = 10000[tex](1.0025)^{96}[/tex]
A = 10000(1.270868467)
A = $12708.68467
Therefore , she will have $ 12708.68 in December , 2019
