112. dani has $1,000 in an investment account that earns 3% per year, compounded monthly.
d. boris also has $1,000, but in an account that earns 3% per year, compounded yearly. write an explicit formula for the amount of money in his account after t years.

The formula of Compound Interest is:

where A = Amount

P = Principle

r = rate

n = Number of Compounding per year

t = total number of year

a. For Dani

Here, P = 1000, r = 3% = 0.03, n = 12(monthly), and time = t.

Putting all these values in above formula:

⇒

⇒

b. For Boris

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