3 Matching 1 point You deposit $$ \$ 300 $$ in an savings account earning $$ 2 \% $$ interest compounded monthly. Match the following to find out how much will you have in your account after $$ n $$ years? interest rate (APR) interest rate as a decimal number of compounding periods initial balance in the account

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UpStudy AI · Accepted Answer

We start with the compound interest formula:

A = P · (1 + r/m)^(m · n)

where

• P is the initial balance in the account,
 • r is the interest rate as a decimal,
 • m is the number of compounding periods per year, and
 • n is the number of years.

For the given information:

1. Initial balance in the account (P) = $300  
 2. Interest rate as a decimal (r) = 0.02  
 3. Interest rate (APR) = 2%  
 4. Number of compounding periods in n years = 12n

Thus, after n years the amount will be:

A = 300 · (1 + 0.02/12)^(12n)
After n years, the amount in the account will be calculated using the formula: A = 300 × (1 + 0.02/12)^(12n)

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