What sum of money will grow to $3,184.41 in nine years at 3% compounded monthly?
select one:
a. $2,431.73
b. $2,517.88
c. $2,520.41
d. $2,498.47

P = $2,431.73

Step-by-step explanation:

The compound interest formula is given by:

Where A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit t and t is the time the money is invested or borrowed for.

In this exercise, we have:

A = 3,184.41

r = 0.03

n = 12(t is measured in years, and the money is compounded monthly)

t = 9

We want to know P

abde or 1,2,4, 5 is the answer

step-by-step explanation:

y = i/2 xtnop + (3i/2 tnop+ 1)

step-by-step explanation:

the picture is the step by step explanation.