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

1. 3

2. 4

3. 1

hope this ! have a great day.

-wfz

b

step-by-step explanation:

the word superfluous means unnecessary