A=[tex]P(1+ \frac{r}{n})^{nt} [/tex] where
A=future amount
P=present amount
r=rate of interst in decimal
n=number of times per year compounded
t=time in years
we have
A=?=A
P=1220
r=0.09
n=12 (12 months per year)
t=3 years
A=[tex]1220(1+ \frac{0.09}{12})^{(12)(3)} [/tex]
A=[tex]1220(1+ 0.0075)^{36} [/tex]
A=[tex]1220(1.0075)^{36} [/tex]
A=1596.55
answer is $1596.55
