$515.21
Step-by-step explanation:
Because you're compounding monthly, use the formula:
where A(t) is the amount after the compounding,
P = $500
r = .03 (always in decimal form!)
n = 12 (monthly is every month, and there are 12 months in a year) and
t = time in years
Filling in our given info:
which simplifies to
A(t) = 500(1 + .0025)ΒΉΒ² which simplifies to
A(t) = 500(1.0025)ΒΉΒ² which simplifies to
A(t) = 500(1.030415957) so
A(t) = $515.21
$-1
Step-by-step explanation:
because you have more black marbles your chances of getting a black marble are highest