Tom deposited $2410 in a bank that pays 12% interest, compounded monthly. Find the amount he will have at the end of 3 years.

Base amount: $2,410.00

Interest Rate: 12% (yearly)

Effective Annual Rate: 12.68%

Calculation period: 3 years

$3,448.15

Step-by-step explanation:

The generic formula used in this compound interest calculator is

V = P (1+r/n) ^ (nt)

V = the future value of the investment

P = the principal investment amount

r = the annual interest rate

n = the number of times that interest is compounded per year

t = the number of years the money is invested for