use the compound interest formula for compounding more than once a year to determine the accumulated balance after the stated period

Question

$2500 deposit at an APR of 3% with monthly compounding for 6 years

A)$9536.74 B)$2537.74 C)$2393.90 D)$2992.37

Answer 1

2500(1+.03/12)^12(6) = $2544.08

go with option B. It's the "best" answer